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Praxair, Inc.$160.67$3.882.47%

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 Praxair Reports Full-Year and Fourth-Quarter 2015 Results
   Friday, January 29, 2016 6:01:04 AM ET

--Full-year adjusted EBITDA and operating margins grew to record levels of 33.8% and 23.1%, respectively

--Strong full-year operating cash flow of $2.7 billion, 25% of sales; free cash flow of $1.1 billion

--Announced 5% dividend increase; 23rd consecutive annual increase

--$1.5 billion returned to shareholders in 2015 through dividends and net share repurchases

--Return on capital 12.6%; return on equity 34.6%

--Fourth-quarter sales of $2.6 billion; EPS $1.47

--Full-year 2016 EPS guidance of $5.30 to $5.70, -2% to +5%, ex-FX

Praxair, Inc. (PX ) reported fourth-quarter net income and diluted earnings per share of $422 million and $1.47, respectively.



Sales in the fourth quarter were $2,595 million, 13% below the prior-year quarter, primarily due to the impacts of negative currency translation and lower cost pass-through, which reduced sales by 10% and 2%, respectively. Underlying sales were 1% below the prior-year quarter as growth from higher price, new project start-ups and acquisitions was offset by lower volumes due to weaker industrial activity in Brazil and China and in the metals and manufacturing end-markets in North America.

Operating profit in the fourth quarter was $624 million and, excluding currency translation effects, grew 5% above the prior-year quarter. Operating profit as a percentage of sales grew to 24.0% and the EBITDA margin grew to 35.1%.

Fourth-quarter operating cash flow of $791 million funded $387 million of capital expenditures and $204 million of dividends.

For the full year of 2015, reported net income was $1,547 million and diluted earnings per share was $5.35. On an adjusted basis, full-year net income was $1,677 million and diluted earnings per share was $5.80.

Full-year sales were $10,776, 12% below 2014 due to the impacts of negative currency translation and lower cost pass-through, primarily natural gas. Underlying sales were comparable to the prior year as growth from positive price, new project start-ups and acquisitions was offset by lower base volumes in Brazil and China due to weaker underlying industrial activity and in the North American metals, upstream energy and manufacturing end-markets. Reported operating profit was $2,321 million. Adjusted operating profit of $2,493 million was 1% above 2014, excluding negative currency translation.

For full year 2015, the company generated strong operating cash flow of $2,682 million, 25% of sales. After capital expenditures of $1,541 million, free cash flow was $1,141 million. The company invested $82 million in acquisitions, primarily several U.S. packaged gas distributors. The company paid dividends of $819 million and repurchased $637 million of stock, net of issuances, while holding net debt steady. After-tax return on capital and return on equity for the year were 12.6% and 34.6%, respectively.

Commenting on the financial results and business outlook, Chairman and Chief Executive Officer Steve Angel said, "2015 was a challenging year from a macro-economic perspective, but Praxair employees again delivered high-quality results. Full-year operating margin of 23.1% and EBITDA margin of 33.8% grew to record levels. Operating cash flow of $2.7 billion was strong and represented 25% of sales, and free cash flow was $1.1 billion. As a result, we increased our dividend for the 23rd consecutive year.

"The macro-economic headwinds faced in 2015 from negative currency translation and the slowdown in global industrial activity have not yet abated, and we expect a continuation of current trends into 2016. However, we remain confident in our business strategy. We continue to grow the business in more resilient end-markets including food, beverage, healthcare and aerospace, and deliver productivity, cost control and higher pricing. We have new on-site projects starting-up that will contribute growth. And with our strong cash flow, we will continue to reinvest in the future growth of the company through synergistic and accretive tuck-in acquisitions in attractive end-markets as well as new project opportunities where we bring a competitive advantage.

"Praxair’s focus on building network supply density in targeted geographies will continue to deliver solid cash flow generation and position us for highly accretive growth once these cyclical headwinds turn."

For full-year 2016, Praxair expects diluted earnings per share to be in the range of $5.30 to $5.70, -2% to +5% ex-currency from 2015. This guidance assumes a negative currency impact of approximately 7% versus 2015. Full-year capital expenditures are expected to be approximately $1.5 billion and the effective tax rate is forecasted to remain at approximately 28%.

For the first quarter of 2016, Praxair expects diluted earnings per share in the range of $1.20 to $1.28. This EPS guidance assumes a negative currency impact of approximately 9% year-over-year and 3% sequentially.

Following is additional detail on fourth-quarter 2015 results by segment.

In North America, fourth-quarter sales were $1,421 million, down 3% from the prior-year quarter excluding currency translation and cost pass-through. Organic sales growth from higher pricing and stronger volumes to refinery, food & beverage and healthcare customers was more than offset by weaker volumes in upstream energy, manufacturing and metals end-markets. Operating profit of $406 million grew 9% from the prior year, excluding negative currency translation, primarily due to higher price, productivity and cost control and a gain on asset sale, which more than offset lower volumes.

In Europe, fourth-quarter sales were $325 million, 9% below the prior-year quarter. Organic sales were 4% above the prior year primarily driven by new project contribution, volume growth in Southern Europe and higher price. Operating profit of $62 million grew 13% from the prior year, excluding currency translation, due to volume growth, higher price and lower costs.

In South America, fourth-quarter sales were $299 million, 37% below the prior-year quarter. Sales, excluding negative currency translation, were 1% below prior year as growth from price and acquisitions was offset by lower volumes across most major end-markets due to the recessionary environment. Operating profit was $55 million.

Sales in Asia were $398 million in the quarter, 2% below the prior year quarter. Excluding negative currency translation, cost pass-through and a prior-quarter sale of equipment to a joint venture, sales grew 6%. Organic growth included new project start-ups in China and India. Operating profit of $74 million grew 2% as compared to $77 million in the prior year, excluding currency translation.

Praxair Surface Technologies had fourth-quarter sales of $152 million as compared to $165 million in the prior-year quarter. Excluding negative currency translation and cost pass-through, organic sales were 2% below the prior-year period. Favorable price and aviation customer volume growth was more than offset by weaker sales primarily to the industrial and energy end-markets. Operating profit was $27 million.

About Praxair

Praxair, Inc., a Fortune 250 company with 2015 sales of $11 billion, is the largest industrial gases company in North and South America and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, service and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, primary metals and many others. More information about Praxair is available at www.praxair.com.

Adjusted amounts are non-GAAP measures. Full-year 2015 results are adjusted to exclude the impacts of cost reduction program and other charges recorded in the second and third quarters. Additionally, measures such as EBITDA, free cash flow, after-tax return on capital, return on equity and debt-to-capital are also non-GAAP measures. See the attachments for a summary of non-GAAP reconciliations and calculations of non-GAAP measures.

Attachments: Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information, Quarterly Financial Summary, Summary Non-GAAP Reconciliations and Appendix: Non-GAAP Measures.

A teleconference about Praxair’s fourth-quarter results is being held this morning, January 29, 2016 at 11:00am Eastern Time. The number is (631) 485-4849 - Conference ID: 15532199. The call is also available as a webcast live and on-demand at www.praxair.com/investors. Materials to be used in the teleconference are also available on the website.

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause actual future results or circumstances to differ materially from the projections or estimates contained in the forward-looking statements. Additionally, financial projections or estimates exclude the impact of special items which the company believes are not indicative of ongoing business performance. The company assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A (Risk Factors) in the company’s Form 10-K and 10-Q reports filed with the SEC which should be reviewed carefully. Please consider the company’s forward-looking statements in light of those risks.

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     PRAXAIR, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                                                                                                     (Millions of dollars, except per share data)
                                                                                                                                                                                                                                     (UNAUDITED)
                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                            Quarter Ended                                                                                                                                                                                                                                          Year to Date
                                                                                                                                                                                                                            December 31,                                                                                                                                                                                                                                           December 31,
                                                                                                                                      ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                       2015                                                                                                             2014                                                                                                                                  2015                                                                                                             2014
                                                                                                                                      -----------------------------------------------------------------------                                          -----------------------------------------------------------------------                                                               -----------------------------------------------------------------------                                          -----------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
SALES                                                                                                                                                    $     2,595                                                                                   $     2,990                                                                                                        $    10,776                                                                                   $    12,273
Cost of sales                                                                                                                                                                     1,426                                                                                                            1,689                                                                                                                                 5,960                                                                                                            6,962
Selling, general and administrative                                                                                                                                                 275                                                                                                              320                                                                                                                                 1,152                                                                                                            1,308
Depreciation and amortization                                                                                                                                                       275                                                                                                              291                                                                                                                                 1,106                                                                                                            1,170
Research and development                                                                                                                                                             23                                                                                                               24                                                                                                                                    93                                                                                                               96
Cost reduction program and other charges                                                                                                                                              -                                                                                                              138                                                                                                                                   172                                                                                                              138
Other income (expense) - net                                                                                                                   28                                                      (3 )                                                                                            28                                                       9  
                                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
OPERATING PROFIT                                                                                                                                                                    624                                                                                                              525                                                                                                                                 2,321                                                                                                            2,608
Interest expense - net                                                                                                                         42                                                      79                                                                          161                                                     213  
                                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
INCOME BEFORE INCOME TAXES AND EQUITY INVESTMENTS                                                                                                                                   582                                                                                                              446                                                                                                                                 2,160                                                                                                            2,395
Income taxes                                                                                                                                  163                                                     145                                                                          612                                                     691  
                                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
INCOME BEFORE EQUITY INVESTMENTS                                                                                                                                                    419                                                                                                              301                                                                                                                                 1,548                                                                                                            1,704
Income from equity investments                                                                                                                 12                                                      12                                                                           43                                                      42  
                                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
NET INCOME (INCLUDING NONCONTROLLING INTERESTS)                                                                                                                                     431                                                                                                              313                                                                                                                                 1,591                                                                                                            1,746
Less: noncontrolling interests                                                                                                                 (9 )                                                                      (11 )                                                                                           (44 )                                                                      (52 )
                                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
NET INCOME - PRAXAIR, INC.                                                                                                                               $       422                                                                $       302                                                                                     $     1,547                                                                $     1,694  
                                                                                                                                      ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                                                ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
PER SHARE DATA - PRAXAIR, INC. SHAREHOLDERS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Basic earnings per share                                                                                                                                 $                         1.48                                                                                   $                         1.04                                                                                                        $                         5.39                                                                                   $                         5.79
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Diluted earnings per share                                                                                                                               $                         1.47                                                                                   $                         1.03                                                                                                        $                         5.35                                                                                   $                         5.73
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Cash dividends                                                                                                                                           $                        0.715                                                                                   $                         0.65                                                                                                        $                         2.86                                                                                   $                         2.60
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic shares outstanding (000’s)                                                                                                                                                285,288                                                                                                          290,667                                                                                                                               287,005                                                                                                          292,494
Diluted shares outstanding (000’s)                                                                                                                                              286,856                                                                                                          293,555                                                                                                                               289,055                                                                                                          295,608
Note: See page 9 for a reconciliation to 2015 adjusted amounts which
are non-GAAP.
 
                                                                                                                                                                                                                                      
                                                                                                                                                       PRAXAIR, INC. AND SUBSIDIARIES
                                                                                                                                                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                                                                            (Millions of dollars)
                                                                                                                                                                 (UNAUDITED)
                                                                                                                                 
                                                                                                                                                               December 31,                                                                                                                         December 31,
                                                                                                                                                                   2015                                                                                                                                 2014
                                                                                                                                  ----------------------------------------------------------------------                                                               ----------------------------------------------------------------------
ASSETS
Cash and cash equivalents                                                                                                                            $      147                                                                                                        $      126
Accounts receivable - net                                                                                                                                                    1,601                                                                                                                                1,796
Inventories                                                                                                                                                                    531                                                                                                                                  551
Prepaid and other current assets                                                                                                         347                                                                         366  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL CURRENT ASSETS                                                                                                                                                         2,626                                                                                                                                2,839
Property, plant and equipment - net                                                                                                                                         10,998                                                                                                                               11,997
Goodwill                                                                                                                                                                     2,986                                                                                                                                3,121
Other intangibles - net                                                                                                                                                        568                                                                                                                                  603
Other long-term assets                                                                                                                 1,141                                                                       1,209  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL ASSETS                                                                                                                                         $   18,319                                                                                     $   19,769  
                                                                                                                                  ==================== ==================== ====== ====================                                                                ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                   
LIABILITIES AND EQUITY
Accounts payable                                                                                                                                     $                         791                                                                                                        $                         864
Short-term debt                                                                                                                                                                250                                                                                                                                  587
Current portion of long-term debt                                                                                                                                                6                                                                                                                                    2
Other current liabilities                                                                                                                846                                                                       1,037  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL CURRENT LIABILITIES                                                                                                                                                    1,893                                                                                                                                2,490
Long-term debt                                                                                                                                                               8,975                                                                                                                                8,636
Other long-term liabilities                                                                                                            2,545                                                                       2,457  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL LIABILITIES                                                                                                                                                           13,413                                                                                                                               13,583
                                                                                                                                                                                                                                                                                                                                                                   
REDEEMABLE NONCONTROLLING INTERESTS                                                                                                                                            113                                                                                                                                  176
                                                                                                                                                                                                                                                                                                                                                                   
PRAXAIR, INC. SHAREHOLDERS’ EQUITY:
Common stock                                                                                                                                                                     4                                                                                                                                    4
Additional paid-in capital                                                                                                                                                   4,005                                                                                                                                3,994
Retained earnings                                                                                                                                                           12,229                                                                                                                               11,461
Accumulated other comprehensive income (loss)                                                                                                                               (4,596 )                                                                                                                             (3,185 )
Less: Treasury stock, at cost                                                                                                         (7,253 )                                                                                       (6,651 )
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
   Total Praxair, Inc. Shareholders’ Equity                                                                                                                                  4,389                                                                                                                                5,623
Noncontrolling interests                                                                                                                 404                                                                         387  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL EQUITY                                                                                                                           4,793                                                                       6,010  
                                                                                                                                  -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
TOTAL LIABILITIES AND EQUITY                                                                                                                         $   18,319                                                                                     $   19,769  
                                                                                                                                  ==================== ==================== ====== ====================                                                                ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     PRAXAIR, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                                                                                                                     (Millions of dollars)
                                                                                                                                                                                                                                     (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                     Quarter Ended                                                                                                                                                                                                                                                                                Year to Date
                                                                                                                                                                                                                                                                     December 31,                                                                                                                                                                                                                                                                                 December 31,
                                                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             2015                                                                                                                                                    2014                                                                                                                                           2015                                                                                                                                 2014
                                                                                                                                                   -----------------------------------------------------------------------------------------                                                               -----------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------                                                               ----------------------------------------------------------------------
OPERATIONS
   Net income - Praxair, Inc.                                                                                                                                         $      422                                                                                                        $      302                                                                                                        $    1,547                                                                                                        $    1,694
   Noncontrolling interests                                                                                                                                 9                                                                          11                                                                          44                                                                          52  
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
   Net income (including noncontrolling interests)                                                                                                                                                                 431                                                                                                                                                     313                                                                                                                                1,591                                                                                                                                1,746
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
   Adjustments to reconcile net income to net cash provided
   by operating activities:
     Cost reduction program and other charges, net of payments                                                                                                                                                     (18 )                                                                                                                                                   138                                                                                                                                  121                                                                                                                                  138
     Depreciation and amortization                                                                                                                                                                                 275                                                                                                                                                     291                                                                                                                                1,106                                                                                                                                1,170
     Accounts receivable                                                                                                                                                                                            58                                                                                                                                                      64                                                                                                                                    1                                                                                                                                  (80 )
     Inventory                                                                                                                                                                                                      (9 )                                                                                                                                                    10                                                                                                                                  (23 )                                                                                                                                (42 )
     Payables and accruals                                                                                                                                                                                         (20 )                                                                                                                                                    16                                                                                                                                  (40 )                                                                                                                                 13
     Pension contributions                                                                                                                                                                                          (2 )                                                                                                                                                    (4 )                                                                                                                                (15 )                                                                                                                                (18 )
     Deferred income taxes and other                                                                                                                       76                                                                         (56 )                                                                                          (59 )                                                                                          (59 )
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
                                                                                                                                                          791                                                                         772                                                                       2,682                                                                       2,868  
       Net cash provided by operating activities
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
INVESTING
   Capital expenditures                                                                                                                                                                                           (387 )                                                                                                                                                  (482 )                                                                                                                             (1,541 )                                                                                                                             (1,689 )
   Acquisitions, net of cash acquired                                                                                                                                                                              (39 )                                                                                                                                                   (15 )                                                                                                                                (82 )                                                                                                                               (206 )
   Divestitures and asset sales                                                                                                                            75                                                                           6                                                                         320                                                                          92  
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
       Net cash used for investing activities                                                                                                            (351 )                                                                                         (491 )                                                                                       (1,303 )                                                                                       (1,803 )
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
FINANCING
   Debt increase (decrease) - net                                                                                                                                                                                 (203 )                                                                                                                                                   195                                                                                                                                  168                                                                                                                                  589
   Issuances of common stock                                                                                                                                                                                        14                                                                                                                                                      18                                                                                                                                   88                                                                                                                                  103
   Purchases of common stock                                                                                                                                                                                       (21 )                                                                                                                                                  (300 )                                                                                                                               (725 )                                                                                                                               (862 )
   Cash dividends - Praxair, Inc. shareholders                                                                                                                                                                    (204 )                                                                                                                                                  (189 )                                                                                                                               (819 )                                                                                                                               (759 )
   Excess tax benefit on stock option exercises                                                                                                                                                                      1                                                                                                                                                       3                                                                                                                                   19                                                                                                                                   31
   Noncontrolling interest transactions and other                                                                                                           3                                                                          13                                                                         (28 )                                                                                         (110 )
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
       Net cash provided by (used for) financing activities                                                                                                                                                       (410 )                                                                                                                                                  (260 )                                                                                                                             (1,297 )                                                                                                                             (1,008 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Effect of exchange rate changes on cash and
cash equivalents                                                                                                                                          (19 )                                                                                          (63 )                                                                                          (61 )                                                                                          (69 )
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Change in cash and cash equivalents                                                                                                                                                                                 11                                                                                                                                                     (42 )                                                                                                                                 21                                                                                                                                  (12 )
Cash and cash equivalents, beginning-of-period                                                                                                            136                                                                         168                                                                         126                                                                         138  
                                                                                                                                                   -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- -------------------- ---- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Cash and cash equivalents, end-of-period                                                                                                                              $      147                                                                                     $      126                                                                                     $      147                                                                                     $      126  
                                                                                                                                                   ==================== ==================== ==================== ==== ====================                                                                ==================== ==================== ==================== ==== ====================                                                                ==================== ==================== ====== ====================                                                                ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                     PRAXAIR, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     SEGMENT INFORMATION
                                                                                                                                                                                                                                     (Millions of dollars)
                                                                                                                                                                                                                                     (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                         Quarter Ended                                                                                                                                                                                                                                                                      Year to Date
                                                                                                                                                                                                                                         December 31,                                                                                                                                                                                                                                                                       December 31,
                                                                                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                2015                                                                                                                                           2014                                                                                                                                           2015                                                                                                                                 2014
                                                                                                                                ---------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------                                                               ----------------------------------------------------------------------
SALES
   North America                                                                                                                                   $     1,421                                                                                   $     1,589                                                                                                        $    5,865                                                                                                        $    6,436
   Europe                                                                                                                                                                                        325                                                                                                                                 356                                                                                                                                1,320                                                                                                                                1,546
   South America                                                                                                                                                                                 299                                                                                                                                 473                                                                                                                                1,431                                                                                                                                1,993
   Asia                                                                                                                                                                                          398                                                                                                                                 407                                                                                                                                1,551                                                                                                                                1,619
   Surface Technologies                                                                                                                 152                                                                        165                                                                         609                                                                         679  
                                                                                                                                -------------------- -------------------- -------------------- -----                                                                -------------------- -------------------- -------------------- ----- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
     Consolidated sales                                                                                                                            $     2,595                                                                                   $     2,990                                                                                     $   10,776                                                                                     $   12,273  
                                                                                                                                ==================== ==================== ==================== =====                                                                ==================== ==================== ==================== ===== ====================                                                                ==================== ==================== ====== ====================                                                                ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
OPERATING PROFIT
   North America                                                                                                                                   $                                             406                                                                                   $                                             388                                                                                                        $                       1,558                                                                                                        $                       1,580
   Europe                                                                                                                                                                                         62                                                                                                                                  63                                                                                                                                  250                                                                                                                                  291
   South America                                                                                                                                                                                  55                                                                                                                                 105                                                                                                                                  291                                                                                                                                  449
   Asia                                                                                                                                                                                           74                                                                                                                                  77                                                                                                                                  289                                                                                                                                  303
   Surface Technologies                                                                                                                  27                                                                         30                                                                         105                                                                         123  
                                                                                                                                -------------------- -------------------- -------------------- -----                                                                -------------------- -------------------- -------------------- ----- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
     Segment operating profit                                                                                                                                                                    624                                                                                                                                 663                                                                                                                                2,493                                                                                                                                2,746
   Cost reduction program and other charges                                                                                               -                                                                       (138 )                                                                                         (172 )                                                                                         (138 )
                                                                                                                                -------------------- -------------------- -------------------- -----                                                                -------------------- -------------------- -------------------- ----- --------------------                                                                -------------------- -------------------- ------ --------------------                                                                -------------------- -------------------- ------ --------------------
     Total operating profit                                                                                                                        $       624                                                                                   $       525                                                                                     $    2,321                                                                                     $    2,608  
                                                                                                                                ==================== ==================== ==================== =====                                                                ==================== ==================== ==================== ===== ====================                                                                ==================== ==================== ====== ====================                                                                ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                     PRAXAIR, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     QUARTERLY FINANCIAL SUMMARY
                                                                                                                                                                                                                                     (Millions of dollars, except per share data)
                                                                                                                                                                                                                                     (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                 2015 (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                              2014 (c)                                                                                                                                                                                                
                                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     --------------------                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                                                                                                                        Q4                                                                                                               Q3                                                                                                               Q2                                                                                                               Q1                                                                                                                                    Q4                                                                                                               Q3                                                                                                               Q2                                                                                                               Q1
FROM THE INCOME STATEMENT
Sales                                                                                                                                    $     2,595                                                                                   $     2,686                                                                                   $     2,738                                                                                   $     2,757                                                                                                        $     2,990                                                                                   $     3,144                                                                                   $     3,113                                                                                   $     3,026
Cost of sales                                                                                                                                                     1,426                                                                                                            1,488                                                                                                            1,516                                                                                                            1,530                                                                                                                                 1,689                                                                                                            1,780                                                                                                            1,767                                                                                                            1,726
Selling, general and administrative                                                                                                                                 275                                                                                                              281                                                                                                              297                                                                                                              299                                                                                                                                   320                                                                                                              327                                                                                                              335                                                                                                              326
Depreciation and amortization                                                                                                                                       275                                                                                                              276                                                                                                              278                                                                                                              277                                                                                                                                   291                                                                                                              301                                                                                                              293                                                                                                              285
Research and development                                                                                                                                             23                                                                                                               23                                                                                                               23                                                                                                               24                                                                                                                                    24                                                                                                               25                                                                                                               24                                                                                                               23
Cost reduction program and other charges                                                                                                                              -                                                                                                               26                                                                                                              146                                                                                                                -                                                                                                                                   138                                                                                                                -                                                                                                                -                                                                                                                -
Other income (expense) - net                                                                                                   28                                                       2                                                       2                                                      (4 )                                                                                            (3 )                                                                        -                                                       3                                                       9  
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
Operating profit                                                                                                                                                    624                                                                                                              594                                                                                                              480                                                                                                              623                                                                                                                                   525                                                                                                              711                                                                                                              697                                                                                                              675
Interest expense - net                                                                                                                                               42                                                                                                               35                                                                                                               40                                                                                                               44                                                                                                                                    79                                                                                                               45                                                                                                               43                                                                                                               46
Income taxes                                                                                                                                                        163                                                                                                              156                                                                                                              131                                                                                                              162                                                                                                                                   145                                                                                                              187                                                                                                              183                                                                                                              176
Income from equity investments                                                                                                 12                                                      10                                                      10                                                      11                                                                           12                                                      11                                                      10                                                       9  
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
Net income (including noncontrolling interests)                                                                                                                     431                                                                                                              413                                                                                                              319                                                                                                              428                                                                                                                                   313                                                                                                              490                                                                                                              481                                                                                                              462
Less: noncontrolling interests                                                                                                 (9 )                                                                      (12 )                                                                      (11 )                                                                      (12 )                                                                                           (11 )                                                                      (13 )                                                                      (14 )                                                                      (14 )
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
Net income - Praxair, Inc.                                                                                                               $       422                                                                $       401                                                                $       308                                                                $       416                                                                                     $       302                                                                $       477                                                                $       467                                                                $       448  
                                                                                                                      ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                                                ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
PER SHARE DATA - PRAXAIR, INC. SHAREHOLDERS
Diluted earnings per share                                                                                                               $                         1.47                                                                                   $                         1.40                                                                                   $                         1.06                                                                                   $                         1.43                                                                                                        $                         1.03                                                                                   $                         1.62                                                                                   $                         1.58                                                                                   $                         1.51
Cash dividends per share                                                                                                                 $                        0.715                                                                                   $                        0.715                                                                                   $                        0.715                                                                                   $                        0.715                                                                                                        $                         0.65                                                                                   $                         0.65                                                                                   $                         0.65                                                                                   $                         0.65
Diluted weighted average shares outstanding (000’s)                                                                                                             286,856                                                                                                          287,311                                                                                                          290,102                                                                                                          291,652                                                                                                                               293,555                                                                                                          295,239                                                                                                          295,976                                                                                                          297,253
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
ADJUSTED AMOUNTS (a)
Operating profit                                                                                                                         $                          624                                                                                   $                          620                                                                                   $                          626                                                                                   $                          623                                                                                                        $                          663                                                                                   $                          711                                                                                   $                          697                                                                                   $                          675
Operating margin                                                                                                                                                   24.0 %                                                                                                           23.1 %                                                                                                           22.9 %                                                                                                           22.6 %                                                                                                                                22.2 %                                                                                                           22.6 %                                                                                                           22.4 %                                                                                                           22.3 %
Net Income                                                                                                                               $                          422                                                                                   $                          419                                                                                   $                          420                                                                                   $                          416                                                                                                        $                          460                                                                                   $                          477                                                                                   $                          467                                                                                   $                          448
Diluted earnings per share                                                                                                               $                         1.47                                                                                   $                         1.46                                                                                   $                         1.45                                                                                   $                         1.43                                                                                                        $                         1.57                                                                                   $                         1.62                                                                                   $                         1.58                                                                                   $                         1.51
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
FROM THE BALANCE SHEET
Net debt (a)                                                                                                                             $                        9,084                                                                                   $                        9,344                                                                                   $                        9,177                                                                                   $                        9,243                                                                                                        $                        9,099                                                                                   $                        8,922                                                                                   $                        8,959                                                                                   $                        9,092
Capital (a)                                                                                                                              $                       13,990                                                                                   $                       14,157                                                                                   $                       14,696                                                                                   $                       14,806                                                                                                        $                       15,285                                                                                   $                       16,052                                                                                   $                       16,459                                                                                   $                       16,285
Debt-to-capital ratio (a)                                                                                                                                          64.9 %                                                                                                           66.0 %                                                                                                           62.4 %                                                                                                           62.4 %                                                                                                                                59.5 %                                                                                                           55.6 %                                                                                                           54.4 %                                                                                                           55.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
FROM THE STATEMENT OF CASH FLOWS
Cash flow from operations                                                                                                                $                          791                                                                                   $                          676                                                                                   $                          707                                                                                   $                          508                                                                                                        $                          772                                                                                   $                          713                                                                                   $                          847                                                                                   $                          536
Cash flow used for investing activities                                                                                                                             351                                                                                                              400                                                                                                              152                                                                                                              400                                                                                                                                   491                                                                                                              436                                                                                                              425                                                                                                              451
Cash flow used for financing activities                                                                                                                             410                                                                                                              260                                                                                                              527                                                                                                              100                                                                                                                                   260                                                                                                              267                                                                                                              397                                                                                                               84
Capital expenditures                                                                                                                                                387                                                                                                              405                                                                                                              352                                                                                                              397                                                                                                                                   482                                                                                                              430                                                                                                              384                                                                                                              393
Acquisitions                                                                                                                                                         39                                                                                                                -                                                                                                               38                                                                                                                5                                                                                                                                    15                                                                                                               21                                                                                                               46                                                                                                              124
Cash dividends                                                                                                                                                      204                                                                                                              203                                                                                                              205                                                                                                              207                                                                                                                                   189                                                                                                              189                                                                                                              190                                                                                                              191
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
OTHER INFORMATION
After-tax return on capital (ROC) (a)                                                                                                                              12.6 %                                                                                                           12.5 %                                                                                                           12.6 %                                                                                                           12.7 %                                                                                                                                12.7 %                                                                                                           12.6 %                                                                                                           12.6 %                                                                                                           12.6 %
Return on Praxair, Inc. shareholders’ equity (ROE) (a)                                                                                                             34.6 %                                                                                                           32.5 %                                                                                                           30.5 %                                                                                                           29.6 %                                                                                                                                28.7 %                                                                                                           28.2 %                                                                                                           28.3 %                                                                                                           28.7 %
Adjusted EBITDA (a)                                                                                                                      $                          911                                                                                   $                          906                                                                                   $                          914                                                                                   $                          911                                                                                                        $                          966                                                                                   $                        1,023                                                                                   $                        1,000                                                                                   $                          969
Adjusted EBITDA margin (a)                                                                                                                                         35.1 %                                                                                                           33.7 %                                                                                                           33.4 %                                                                                                           33.0 %                                                                                                                                32.3 %                                                                                                           32.5 %                                                                                                           32.1 %                                                                                                           32.0 %
Debt-to-adjusted EBITDA ratio (a)                                                                                                                                   2.5                                                                                                              2.5                                                                                                              2.4                                                                                                              2.3                                                                                                                                   2.3                                                                                                              2.2                                                                                                              2.3                                                                                                              2.3
Number of employees                                                                                                                                              26,657                                                                                                           26,989                                                                                                           27,302                                                                                                           27,680                                                                                                                                27,780                                                                                                           27,626                                                                                                           27,735                                                                                                           27,578
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
SEGMENT DATA
SALES
North America                                                                                                                            $                        1,421                                                                                   $                        1,463                                                                                   $                        1,482                                                                                   $                        1,499                                                                                                        $                        1,589                                                                                   $                        1,639                                                                                   $                        1,628                                                                                   $                        1,580
Europe                                                                                                                                                              325                                                                                                              338                                                                                                              331                                                                                                              326                                                                                                                                   356                                                                                                              385                                                                                                              408                                                                                                              397
South America                                                                                                                                                       299                                                                                                              343                                                                                                              388                                                                                                              401                                                                                                                                   473                                                                                                              523                                                                                                              509                                                                                                              488
Asia                                                                                                                                                                398                                                                                                              395                                                                                                              387                                                                                                              371                                                                                                                                   407                                                                                                              426                                                                                                              394                                                                                                              392
Surface Technologies                                                                                                          152                                                     147                                                     150                                                     160                                                                          165                                                     171                                                     174                                                     169  
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
     Total sales                                                                                                                         $     2,595                                                                $     2,686                                                                $     2,738                                                                $     2,757                                                                                     $     2,990                                                                $     3,144                                                                $     3,113                                                                $     3,026  
                                                                                                                      ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                                                ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================
OPERATING PROFIT
North America                                                                                                                            $                          406                                                                                   $                          385                                                                                   $                          388                                                                                   $                          379                                                                                                        $                          388                                                                                   $                          416                                                                                   $                          398                                                                                   $                          378
Europe                                                                                                                                                               62                                                                                                               63                                                                                                               63                                                                                                               62                                                                                                                                    63                                                                                                               71                                                                                                               78                                                                                                               79
South America                                                                                                                                                        55                                                                                                               70                                                                                                               81                                                                                                               85                                                                                                                                   105                                                                                                              118                                                                                                              113                                                                                                              113
Asia                                                                                                                                                                 74                                                                                                               77                                                                                                               69                                                                                                               69                                                                                                                                    77                                                                                                               75                                                                                                               76                                                                                                               75
Surface Technologies                                                                                                           27                                                      25                                                      25                                                      28                                                                           30                                                      31                                                      32                                                      30  
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
     Segment operating profit                                                                                                                                       624                                                                                                              620                                                                                                              626                                                                                                              623                                                                                                                                   663                                                                                                              711                                                                                                              697                                                                                                              675
Cost reduction program and other charges                                                                                        -                                                     (26 )                                                                     (146 )                                                                        -                                                                         (138 )                                                                        -                                                       -                                                       -  
                                                                                                                      -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                                                -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------                                           -------------------- -------------------- ------- --------------------
     Total operating profit                                                                                                              $       624                                                                $       594                                                                $       480                                                                $       623                                                                                     $       525                                                                $       711                                                                $       697                                                                $       675  
                                                                                                                      ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                                                ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================                                           ==================== ==================== ======= ====================
(a)   Non-GAAP measure, see Appendix.
                          
(b)                      2015 includes (i) a pre-tax pension settlement charge of $7 million
                         ($5 million after-tax, or $0.02 per diluted share) in the third
                         quarter related to lump sum benefit payments made from the U.S.
                         supplemental pension plan, and (ii) pre-tax charges of $19 million
                         ($13 million after-tax, or $0.04 per diluted share) in the third
                         quarter and $146 million ($112 million after-tax and non-controlling
                         interests, or $0.39 per diluted share) in the second quarter,
                         primarily related to cost reduction actions taken in response to
                         lower volumes resulting from economic slowdown in emerging markets
                         and energy related end-markets. The cost reduction charges by
                         segment are as follows: $67 million in South America; $34 million in
                         North America; $25 million in Asia; $20 million in Europe; and $19
                         million in Surface Technologies.
                          
(c)                      2014 includes: (i) a charge of $36 million ($22 million after-tax,
                         or $0.07 per diluted share) related to a bond redemption, (ii) a
                         charge of $7 million ($5 million after-tax, or $0.02 per diluted
                         share) related to pension settlement and (iii) a charge of $131
                         million ($131 million after-tax, or $0.45 per diluted share),
                         related to a Venezuela currency devaluation. Refer to Notes 2 and 7
                         to Praxair’s 2014 Annual Report for additional information.
                          

PRAXAIR, INC. AND SUBSIDIARIES SUMMARY NON-GAAP RECONCILIATIONS (UNAUDITED)

The following adjusted amounts are non-GAAP measures and are intended to supplement investors’ understanding of the company’s financial statements by providing measures which investors, financial analysts and management use to help evaluate the company’s operating performance. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures. See the Non-GAAP reconciliations starting on page 10 for additional details relating to the Non-GAAP adjustments.

(Millions of dollars, except per share amounts)                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                        Sales                                                                                                                                                                                               Operating Profit                                                                                                                                                                                    Net Income - Praxair, Inc.                                                                                                                                                                                      Diluted EPS                                                               
                                                                                                                                    --------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          2015                                                                                       2014                                                                                                            2015                                                                                      2014                                                                                                           2015                                                                                      2014                                                                                                          2015                                                                                     2014                       
                                                                                                                                    -------------------------------------------------                                          -------------------------------------------------                                                               ------------------------------------------------                                          ------------------------------------------------                                                               ------------------------------------------------                                          ------------------------------------------------                                                               -----------------------------------------------                                          -------------------------------------------------------------------
Quarter Ended December 31
-----------------------------------------------
Reported GAAP Amounts                                                                                                                                  $    2,595                                                              $    2,990                                                                                   $     624                                                              $     525                                                                                   $     422                                                              $     302                                                                                   $   1.47                                                              $   1.03
   Pension settlement charges (a)                                                                                                                                                  -                                                                                          -                                                                                                              -                                                                                         7                                                                                                              -                                                                                         5                                                                                                             -                                                                                     0.02
   Cost reduction program and other charges (b)                                                                                                                                    -                                                                                          -                                                                                                              -                                                                                         -                                                                                                              -                                                                                         -                                                                                                             -                                                                                        -
   Bond redemption (c)                                                                                                                                                             -                                                                                          -                                                                                                              -                                                                                         -                                                                                                              -                                                                                        22                                                                                                             -                                                                                     0.07
   Venezuela currency devaluation (d)                                                                                                        -              -               -           131               -           131              -         0.45  
                                                                                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- -------------------- ---- --------------------
     Total adjustments                                                                                                                       -              -               -           138               -           158              -         0.54  
                                                                                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- -------------------- ---- --------------------
Adjusted amounts                                                                                                                                       $    2,595                        $    2,990                          $     624                        $     663                          $     422                        $     460                          $   1.47                        $   1.57  
                                                                                                                                    ==================== ==================== ====== ==================== ==================== ==================== ==================== ====== ==================== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ==================== ==== ==================== ==================== ==================== ==================== ==== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Year To Date December 31
-----------------------------------------------
Reported GAAP Amounts                                                                                                                                  $                      10,776                                                              $                      12,273                                                                                   $                      2,321                                                              $                      2,608                                                                                   $                      1,547                                                              $                      1,694                                                                                   $                      5.35                                                              $                      5.73
   Pension settlement charges (a)                                                                                                                                                  -                                                                                          -                                                                                                              7                                                                                         7                                                                                                              5                                                                                         5                                                                                                          0.02                                                                                     0.02
   Cost reduction program and other charges(b)                                                                                                                                     -                                                                                          -                                                                                                            165                                                                                         -                                                                                                            125                                                                                         -                                                                                                          0.43                                                                                        -
   Bond redemption (c)                                                                                                                                                             -                                                                                          -                                                                                                              -                                                                                         -                                                                                                              -                                                                                        22                                                                                                             -                                                                                     0.07
   Venezuela currency devaluation (d)                                                                                                        -              -               -           131               -           131              -         0.45  
                                                                                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- -------------------- ---- --------------------
     Total adjustments                                                                                                                       -              -             172           138             130           158           0.45         0.54  
                                                                                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- -------------------- ---- --------------------
Adjusted amounts                                                                                                                                       $   10,776                        $   12,273                          $   2,493                        $   2,746                          $   1,677                        $   1,852                          $   5.80                        $   6.27  
                                                                                                                                    ==================== ==================== ====== ==================== ==================== ==================== ==================== ====== ==================== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ==================== ==== ==================== ==================== ==================== ==================== ==== ====================
(a)   Pension settlement charges were recorded in the 2015 third quarter
                         and 2014 fourth quarter related to lump sum benefit payments made
                         to a number of former employees.
(b)                      Cost reduction program and other charges were recorded in the 2015
                         second and third quarters.
(c)                      Charge in the 2014 fourth quarter related to the redemption of the
                         $400 million 5.375% notes due in 2016.
(d)                      Charge in the 2014 fourth quarter related to the Venezuela
                         currency devaluation.
                          

PRAXAIR, INC. AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES (Millions of dollars, except per share data)

The following non-GAAP measures are intended to supplement investors’ understanding of the company’s financial information by providing measures which investors, financial analysts and management use to help evaluate the company’s financial leverage, return on capital and operating performance. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures. Adjusted amounts exclude the impacts of the 2015 third quarter cost reduction program and pension settlement, 2015 second quarter cost reduction program and other charges, 2014 fourth quarter pension settlement, bond redemption and loss on Venezuela currency devaluation, 2013 fourth quarter bond redemption and the income tax benefit related to the realignment of Praxair’s Italian legal structure, 2013 third quarter pension settlement, and the 2013 first quarter loss on Venezuela currency devaluation.

                                                                                                                                                                                                                                                                          2015                                                                                                                                                                                                                                                                                                                                                   2014                                                                                                                                                                                                                                                                                                                                        2013
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                   --------------------                                                                -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                  --------------------                                                                -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Q4                                                   Q3                                                   Q2                                                   Q1                                                                                                                  Q4                                                   Q3                                                   Q2                                                   Q1                                                                                                                  Q4                                                   Q3                                                   Q2                                                   Q1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Free Cash Flow (FCF) - Free
cash flow is a measure used by investors, financial analysts and
management to evaluate the ability of a company to pursue
opportunities that enhance shareholder value. FCF equals cash flow
from operations less capital expenditures.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Operating cash flow                                                                                                                                      $    791                                                                                   $    676                                                                                   $    707                                                                                   $    508                                                                                                                                                  $    772                                                                                   $    713                                                                                   $    847                                                                                   $    536                                                                                                                                                  $    964                                                                                   $    904                                                                                   $    577                                                                                   $    472
   Less: capital expenditures                                                                                                                (387 )                            (405 )                            (352 )                            (397 )                                                                                           (482 )                            (430 )                            (384 )                            (393 )                                                                                           (516 )                            (516 )                            (522 )                            (466 )
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
     Free Cash Flow                                                                                                                                         $    404                                                                                   $    271                                                                                   $    355                                                                                   $    111                                                                                                                                                  $    290                                                                                   $    283                                                                                   $    463                                                                                   $    143                                                                                                                                                  $    448                                                                                   $    388                                                                                   $     55                                                                                   $      6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Debt-to-Capital Ratio - The
debt-to-capital ratio is a measure used by investors, financial
analysts and management to provide a measure of financial leverage
and insights into how the company is financing its operations.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Debt (a)                                                                                                                                                 $  9,231                                                                                   $  9,480                                                                                   $  9,313                                                                                   $  9,360                                                                                                                                                  $  9,225                                                                                   $  9,090                                                                                   $  9,132                                                                                   $  9,236                                                                                                                                                  $  8,779                                                                                   $  8,994                                                                                   $  9,072                                                                                   $  8,644
   Less: cash and cash equivalents                                                                                                           (147 )                            (136 )                            (136 )                            (117 )                                                                                           (126 )                            (168 )                            (173 )                            (144 )                                                                                           (138 )                            (134 )                            (102 )                            (113 )
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                               9,084                                                                                      9,344                                                                                      9,177                                                                                      9,243                                                                                                                                                     9,099                                                                                      8,922                                                                                      8,959                                                                                      9,092                                                                                                                                                     8,641                                                                                      8,860                                                                                      8,970                                                                                      8,531
     Net debt
   Equity and redeemable noncontrolling interests:
     Redeemable noncontrolling interests                                                                                                                         113                                                                                        169                                                                                        175                                                                                        170                                                                                                                                                       176                                                                                        190                                                                                        194                                                                                        195                                                                                                                                                       307                                                                                        290                                                                                        259                                                                                        255
     Praxair, Inc. shareholders’ equity                                                                                                                        4,389                                                                                      4,264                                                                                      4,964                                                                                      5,018                                                                                                                                                     5,623                                                                                      6,552                                                                                      6,911                                                                                      6,600                                                                                                                                                     6,609                                                                                      6,210                                                                                      5,928                                                                                      6,169
     Noncontrolling interests                                                                                                                 404            380            380            375                                                                           387            388            395            398                                                                           394            365            357            357  
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
       Total equity and redeemable noncontrolling interests                                                                                 4,906          4,813          5,519          5,563                                                                         6,186          7,130          7,500          7,193                                                                         7,310          6,865          6,544          6,781  
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
     Capital                                                                                                                                                $ 13,990                                                                                   $ 14,157                                                                                   $ 14,696                                                                                   $ 14,806                                                                                                                                                  $ 15,285                                                                                   $ 16,052                                                                                   $ 16,459                                                                                   $ 16,285                                                                                                                                                  $ 15,951                                                                                   $ 15,725                                                                                   $ 15,514                                                                                   $ 15,312
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
     Debt-to-capital                                                                                                                         64.9 %                            66.0 %                            62.4 %                            62.4 %                                                                                           59.5 %                            55.6 %                            54.4 %                            55.8 %                                                                                           54.2 %                            56.3 %                            57.8 %                            55.7 %
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
After-tax Return on Capital (ROC)
- After-tax return on capital is a measure used by investors,
financial analysts and management to evaluate the return on net
assets employed in the business. ROC measures the after-tax
operating profit that the company was able to generate with the
investments made by all parties in the business (debt,
noncontrolling interests and Praxair, Inc. shareholders’ equity).
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Adjusted operating profit (b)                                                                                                                            $    624                                                                                   $    620                                                                                   $    626                                                                                   $    623                                                                                                                                                  $    663                                                                                   $    711                                                                                   $    697                                                                                   $    675                                                                                                                                                  $    690                                                                                   $    679                                                                                   $    665                                                                                   $    623
   Less: adjusted income taxes (b)                                                                                                                              (163 )                                                                                     (164 )                                                                                     (164 )                                                                                     (162 )                                                                                                                                                    (161 )                                                                                     (187 )                                                                                     (183 )                                                                                     (176 )                                                                                                                                                    (182 )                                                                                     (178 )                                                                                     (174 )                                                                                     (164 )
   Less: tax benefit on adjusted interest expense (b)                                                                                                            (12 )                                                                                      (10 )                                                                                      (11 )                                                                                      (12 )                                                                                                                                                     (12 )                                                                                      (13 )                                                                                      (12 )                                                                                      (13 )                                                                                                                                                     (11 )                                                                                      (11 )                                                                                      (11 )                                                                                      (11 )
   Add: income from equity investments                                                                                                         12             10             10             11                                                                            12             11             10              9                                                                             9              8             11             10  
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
   Adjusted net operating profit after-tax (NOPAT)                                                                                                          $    461                                                                                   $    456                                                                                   $    461                                                                                   $    460                                                                                                                                                  $    502                                                                                   $    522                                                                                   $    512                                                                                   $    495                                                                                                                                                  $    506                                                                                   $    498                                                                                   $    491                                                                                   $    458
   4-quarter trailing adjusted NOPAT                                                                                                                        $  1,838                                                                                   $  1,879                                                                                   $  1,945                                                                                   $  1,996                                                                                                                                                  $  2,031                                                                                   $  2,035                                                                                   $  2,011                                                                                   $  1,990                                                                                                                                                  $  1,953                                                                                   $  1,900                                                                                   $  1,859                                                                                   $  1,836
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Ending capital (see above)                                                                                                                               $ 13,990                                                                                   $ 14,157                                                                                   $ 14,696                                                                                   $ 14,806                                                                                                                                                  $ 15,285                                                                                   $ 16,052                                                                                   $ 16,459                                                                                   $ 16,285                                                                                                                                                  $ 15,951                                                                                   $ 15,725                                                                                   $ 15,514                                                                                   $ 15,312
   5-quarter average ending capital                                                                                                                         $ 14,587                                                                                   $ 14,999                                                                                   $ 15,460                                                                                   $ 15,777                                                                                                                                                  $ 16,007                                                                                   $ 16,094                                                                                   $ 15,987                                                                                   $ 15,757                                                                                                                                                  $ 15,270                                                                                   $ 14,798                                                                                   $ 14,252                                                                                   $ 13,794
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   After-tax ROC (4-quarter trailing NOPAT / 5-quarter average                                                                               12.6 %                            12.5 %                            12.6 %                            12.7 %                                                                                           12.7 %                            12.6 %                            12.6 %                            12.6 %                                                                                           12.8 %                            12.8 %                            13.0 %                            13.3 %
   capital)
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Return on Praxair, Inc. Shareholders’
Equity (ROE) - Return on Praxair, Inc. shareholders’
equity is a measure used by investors, financial analysts and
management to evaluate operating performance from a Praxair
shareholder perspective. ROE measures the net income attributable
to Praxair, Inc. that the company was able to generate with the
money shareholders have invested.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Adjusted net income - Praxair, Inc. (b)                                                                                                                  $    422                                                                                   $    419                                                                                   $    420                                                                                   $    416                                                                                                                                                  $    460                                                                                   $    477                                                                                   $    467                                                                                   $    448                                                                                                                                                  $    462                                                                                   $    451                                                                                   $    445                                                                                   $    414
   4-quarter trailing adjusted net income - Praxair, Inc.                                                                                                   $  1,677                                                                                   $  1,715                                                                                   $  1,773                                                                                   $  1,820                                                                                                                                                  $  1,852                                                                                   $  1,854                                                                                   $  1,828                                                                                   $  1,806                                                                                                                                                  $  1,772                                                                                   $  1,724                                                                                   $  1,692                                                                                   $  1,676
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Ending Praxair, Inc. shareholders’ equity                                                                                                                $  4,389                                                                                   $  4,264                                                                                   $  4,964                                                                                   $  5,018                                                                                                                                                  $  5,623                                                                                   $  6,552                                                                                   $  6,911                                                                                   $  6,600                                                                                                                                                  $  6,609                                                                                   $  6,210                                                                                   $  5,928                                                                                   $  6,169
   5-quarter average Praxair shareholders’ equity                                                                                                           $  4,852                                                                                   $  5,284                                                                                   $  5,814                                                                                   $  6,141                                                                                                                                                  $  6,459                                                                                   $  6,576                                                                                   $  6,452                                                                                   $  6,303                                                                                                                                                  $  6,196                                                                                   $  6,077                                                                                   $  5,958                                                                                   $  5,961
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   ROE (4-quarter trailing adjusted net income - Praxair, Inc. /                                                                             34.6 %                            32.5 %                            30.5 %                            29.6 %                                                                                           28.7 %                            28.2 %                            28.3 %                            28.7 %                                                                                           28.6 %                            28.4 %                            28.4 %                            28.1 %
   5-quarter average Praxair shareholders’ equity)
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Adjusted EBITDA, Adjusted EBITDA Margin
and Debt-to-Adjusted EBITDA Ratio- These measures are
used by investors, financial analysts and management to assess a
company’s ability to meet its financial obligations.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Adjusted net income - Praxair, Inc. (b)                                                                                                                  $    422                                                                                   $    419                                                                                   $    420                                                                                   $    416                                                                                                                                                  $    460                                                                                   $    477                                                                                   $    467                                                                                   $    448                                                                                                                                                  $    462                                                                                   $    451                                                                                   $    445                                                                                   $    414
   Add: adjusted noncontrolling interests (b)                                                                                                                      9                                                                                         12                                                                                         12                                                                                         12                                                                                                                                                        11                                                                                         13                                                                                         14                                                                                         14                                                                                                                                                        17                                                                                         17                                                                                         16                                                                                         15
   Add: adjusted interest expense - net (b)                                                                                                                       42                                                                                         35                                                                                         40                                                                                         44                                                                                                                                                        43                                                                                         45                                                                                         43                                                                                         46                                                                                                                                                        38                                                                                         41                                                                                         41                                                                                         40
   Add: adjusted income taxes (b)                                                                                                                                163                                                                                        164                                                                                        164                                                                                        162                                                                                                                                                       161                                                                                        187                                                                                        183                                                                                        176                                                                                                                                                       182                                                                                        178                                                                                        174                                                                                        164
   Add: depreciation and amortization                                                                                                         275            276            278            277                                                                           291            301            293            285                                                                           287            281            275            266  
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
   Adjusted EBITDA                                                                                                                                          $    911                                                                                   $    906                                                                                   $    914                                                                                   $    911                                                                                                                                                  $    966                                                                                   $  1,023                                                                                   $  1,000                                                                                   $    969                                                                                                                                                  $    986                                                                                   $    968                                                                                   $    951                                                                                   $    899
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Reported sales                                                                                                                                           $  2,595                                                                                   $  2,686                                                                                   $  2,738                                                                                   $  2,757                                                                                                                                                  $  2,990                                                                                   $  3,144                                                                                   $  3,113                                                                                   $  3,026                                                                                                                                                  $  3,010                                                                                   $  3,013                                                                                   $  3,014                                                                                   $  2,888
   Adjusted EBITDA margin                                                                                                                                       35.1 %                                                                                     33.7 %                                                                                     33.4 %                                                                                     33.0 %                                                                                                                                                    32.3 %                                                                                     32.5 %                                                                                     32.1 %                                                                                     32.0 %                                                                                                                                                    32.8 %                                                                                     32.1 %                                                                                     31.6 %                                                                                     31.1 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Full Year:
   Reported sales                                                                                                                                           $ 10,776                                                                                                                                                                                                                                                                                                                                                                                                                                   $ 12,273
   Adjusted EBITDA (below)                                                                                                                                  $  3,642                                                                                                                                                                                                                                                                                                                                                                                                                                   $  3,958
   Adjusted EBITDA margin                                                                                                                                       33.8 %                                                                                                                                                                                                                                                                                                                                                                                                                                     32.2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Ending net debt (see above)                                                                                                                              $  9,084                                                                                   $  9,344                                                                                   $  9,177                                                                                   $  9,243                                                                                                                                                  $  9,099                                                                                   $  8,922                                                                                   $  8,959                                                                                   $  9,092                                                                                                                                                  $  8,641                                                                                   $  8,860                                                                                   $  8,970                                                                                   $  8,531
   5-quarter average net debt                                                                                                                               $  9,189                                                                                   $  9,157                                                                                   $  9,080                                                                                   $  9,063                                                                                                                                                  $  8,943                                                                                   $  8,895                                                                                   $  8,904                                                                                   $  8,819                                                                                                                                                  $  8,436                                                                                   $  8,108                                                                                   $  7,710                                                                                   $  7,261
   4-quarter trailing adjusted EBITDA                                                                                                                       $  3,642                                                                                   $  3,697                                                                                   $  3,814                                                                                   $  3,900                                                                                                                                                  $  3,958                                                                                   $  3,978                                                                                   $  3,923                                                                                   $  3,874                                                                                                                                                  $  3,804                                                                                   $  3,697                                                                                   $  3,608                                                                                   $  3,550
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
   Debt-to-adjusted EBITDA ratio (5-quarter average net debt /                                                                                2.5            2.5            2.4            2.3                                                                           2.3            2.2            2.3            2.3                                                                           2.2            2.2            2.1            2.0  
   4-quarter trailing adjusted EBITDA)
                                                                                                                                         -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- --------------------                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ --------------------
      (a)   Prior period amounts have been restated to reflect the adoption, in
                                                                                        the fourth quarter 2015, of Accounting Standard Update ("ASU")
                                                                                        2015-03 relating to the presentation of debt issuance costs.
                                                                                         
(b)   The following table presents adjusted amounts for Operating Profit
                         and Operating Profit Margin, Interest Expense - net, Income Taxes,
                         Effective Tax Rate, Noncontrolling Interests, Net income - Praxair,
                         Inc., and Diluted EPS for the periods presented. Additionally, this
                         table presents cash income taxes and cash interest, net of interest
                         capitalized and excluding the bond redemption costs for 2015, 2014
                         and 2013; and presents the percentage changes in Diluted EPS
                         Guidance for the first quarter and full year 2016 as compared to
                         2015 Diluted EPS on both a GAAP and adjusted basis. The adjusted
                         percentages are based on Adjusted diluted EPS amounts, excluding
                         estimated currency impacts.
                          
                                                                                             Year                                             Third Quarter                                          Second                                               Year                                                Fourth                                               Year                                                Fourth                                            Third Quarter                                            First                      
                                                                                                                                                                                                                                                                                                                                          Quarter                                                                                                                                                                              Quarter                                                                                                                                                                              Quarter                                                                                                                                                                               Quarter
                                                                                                                                ----------------------------------------------                                             ---------------------------------------------                                             ---------------------------------------------                                             ----------------------------------------------                                             ---------------------------------------------                                             ----------------------------------------------                                             ---------------------------------------------                                              ---------------------------------------------                                              ---------------------------------------------
                                                                                                                                                      2015                                                                                       2015                                                                                      2015                                                                                      2014                                                                                       2014                                                                                      2013                                                                                       2013                                                                                       2013                                                                                       2013
                                                                                                                                -------------------------------------------------                                          ------------------------------------------------                                          ------------------------------------------------                                          -------------------------------------------------                                          ------------------------------------------------                                          -------------------------------------------------                                          ------------------------------------------------                                           ------------------------------------------------                                           ------------------------------------------------
Adjusted Operating Profit and Operating
Profit Margin
----------------------------------------------------------------
Reported operating profit                                                                                                                          $  2,321                                                                                   $   594                                                                                   $   480                                                                                   $  2,608                                                                                   $   525                                                                                   $  2,625                                                                                   $   690                                                                                    $   670                                                                                    $   600
Add: Cost reduction program and other charges                                                                                                           165                                                                                        19                                                                                       146                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Add: Pension settlement charge                                                                                                                            7                                                                                         7                                                                                         -                                                                                          7                                                                                         7                                                                                          9                                                                                         -                                                                                          9                                                                                          -
Add: Venezuela currency devaluation                                                                                                    -                                                   -                                                   -                                                  131                                                 131                                                   23                                                   -                                                    -                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                  172                                                  26                                                 146                                                  138                                                 138                                                   32                                                   -                                                    9                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted operating profit                                                                                                                          $  2,493                                                                $   620                                                                $   626                                                                $  2,746                                                                $   663                                                                $  2,657                                                                $   690                                                                 $   679                                                                 $   623  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reported percentage change                                                                                                                              -11 %
Adjusted percentage change                                                                                                                               -9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reported sales                                                                                                                                     $ 10,776                                                                                   $ 2,686                                                                                   $ 2,738                                                                                   $ 12,273                                                                                   $ 2,990                                                                                   $ 11,925                                                                                   $ 3,010                                                                                    $ 3,013                                                                                    $ 2,888
Adjusted operating profit margin                                                                                                                       23.1 %                                                                                    23.1 %                                                                                    22.9 %                                                                                     22.4 %                                                                                    22.2 %                                                                                     22.3 %                                                                                    22.9 %                                                                                     22.5 %                                                                                     21.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Interest Expense - net
----------------------------------------------------------------
Reported interest expense - net                                                                                                                    $    161                                                                                   $    35                                                                                   $    40                                                                                   $    213                                                                                   $    79                                                                                   $    178                                                                                   $    56                                                                                    $    41                                                                                    $    40
Less: Bond redemption                                                                                                                  -                                                   -                                                   -                                                  (36 )                                                                  (36 )                                                                   (18 )                                                                  (18 )                                                                     -                                                    -  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted interest expense - net                                                                                                                    $    161                                                                $    35                                                                $    40                                                                $    177                                                                $    43                                                                $    160                                                                $    38                                                                 $    41                                                                 $    40  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Income Taxes
----------------------------------------------------------------
Reported income taxes                                                                                                                              $    612                                                                                   $   156                                                                                   $   131                                                                                   $    691                                                                                   $   145                                                                                   $    649                                                                                   $   136                                                                                    $   175                                                                                    $   164
Add: Cost reduction program and other charges                                                                                                            39                                                                                         6                                                                                        33                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Add: Bond redemption                                                                                                                                      -                                                                                         -                                                                                         -                                                                                         14                                                                                        14                                                                                          6                                                                                         6                                                                                          -                                                                                          -
Add: Income tax benefit                                                                                                                                   -                                                                                         -                                                                                         -                                                                                          -                                                                                         -                                                                                         40                                                                                        40                                                                                          -                                                                                          -
Add: Pension settlement charge                                                                                                         2                                                   2                                                   -                                                    2                                                   2                                                    3                                                   -                                                    3                                                    -  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                   41                                                   8                                                  33                                                   16                                                  16                                                   49                                                  46                                                    3                                                    -  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted income taxes                                                                                                                              $    653                                                                $   164                                                                $   164                                                                $    707                                                                $   161                                                                $    698                                                                $   182                                                                 $   178                                                                 $   164  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Effective Tax Rate
----------------------------------------------------------------
Reported income before income taxes and equity investments                                                                                         $  2,160                                                                                   $   559                                                                                   $   440                                                                                   $  2,395                                                                                   $   446                                                                                   $  2,447                                                                                   $   634                                                                                    $   629                                                                                    $   560
Add: Cost reduction program and other charges                                                                                                           165                                                                                        19                                                                                       146                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Add: Bond redemption                                                                                                                                      -                                                                                         -                                                                                         -                                                                                         36                                                                                        36                                                                                         18                                                                                        18                                                                                          -                                                                                          -
Add: Pension settlement charge                                                                                                                            7                                                                                         7                                                                                         -                                                                                          7                                                                                         7                                                                                          9                                                                                         -                                                                                          9                                                                                          -
Add: Venezuela currency devaluation                                                                                                    -                                                   -                                                   -                                                  131                                                 131                                                   23                                                   -                                                    -                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                  172                                                  26                                                 146                                                  174                                                 174                                                   50                                                  18                                                    9                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted income before income taxes and equity investments                                                                                         $  2,332                                                                $   585                                                                $   586                                                                $  2,569                                                                $   620                                                                $  2,497                                                                $   652                                                                 $   638                                                                 $   583  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted income taxes (above)                                                                                                                      $    653                                                                                   $   164                                                                                   $   164                                                                                   $    707                                                                                   $   161                                                                                   $    698                                                                                   $   182                                                                                    $   178                                                                                    $   164
Adjusted effective tax rate                                                                                                                              28 %                                                                                      28 %                                                                                      28 %                                                                                       28 %                                                                                      26 %                                                                                       28 %                                                                                      28 %                                                                                       28 %                                                                                       28 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Noncontrolling Interests
----------------------------------------------------------------
Reported noncontrolling interests                                                                                                                  $     44                                                                                   $    12                                                                                   $    11                                                                                   $     52                                                                                   $    11                                                                                   $     81                                                                                   $    33                                                                                    $    17                                                                                    $    15
Add: Cost reduction program and other charges                                                                                                             1                                                                                         -                                                                                         1                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Less: Income tax benefit                                                                                                               -                                                   -                                                   -                                                    -                                                   -                                                  (16 )                                                                  (16 )                                                                     -                                                    -  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                    1                                                   -                                                   1                                                    -                                                   -                                                  (16 )                                                                  (16 )                                                                     -                                                    -  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted noncontrolling interests                                                                                                                  $     45                                                                $    12                                                                $    12                                                                $     52                                                                $    11                                                                $     65                                                                $    17                                                                 $    17                                                                 $    15  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Net Income - Praxair, Inc.
----------------------------------------------------------------
Reported net income - Praxair, Inc.                                                                                                                $  1,547                                                                                   $   401                                                                                   $   308                                                                                   $  1,694                                                                                   $   302                                                                                   $  1,755                                                                                   $   474                                                                                    $   445                                                                                    $   391
Add: Cost reduction program and other charges                                                                                                           125                                                                                        13                                                                                       112                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Add: Bond redemption                                                                                                                                      -                                                                                         -                                                                                         -                                                                                         22                                                                                        22                                                                                         12                                                                                        12                                                                                          -                                                                                          -
Less: Income tax benefit                                                                                                                                  -                                                                                         -                                                                                         -                                                                                          -                                                                                         -                                                                                        (24 )                                                                                     (24 )                                                                                        -                                                                                          -
Add: Pension settlement charge                                                                                                                            5                                                                                         5                                                                                         -                                                                                          5                                                                                         5                                                                                          6                                                                                         -                                                                                          6                                                                                          -
Add: Venezuela currency devaluation                                                                                                    -                                                   -                                                   -                                                  131                                                 131                                                   23                                                   -                                                    -                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                  130                                                  18                                                 112                                                  158                                                 158                                                   17                                                 (12 )                                                                     6                                                   23  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted net income - Praxair, Inc.                                                                                                                $  1,677                                                                $   419                                                                $   420                                                                $  1,852                                                                $   460                                                                $  1,772                                                                $   462                                                                 $   451                                                                 $   414  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reported percentage change                                                                                                                               -9 %
Adjusted percentage change                                                                                                                               -9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted Diluted EPS
----------------------------------------------------------------
Reported diluted EPS                                                                                                                               $   5.35                                                                                   $  1.40                                                                                   $  1.06                                                                                   $   5.73                                                                                   $  1.03                                                                                   $   5.87                                                                                   $  1.59                                                                                    $  1.49                                                                                    $  1.30
Add: Cost reduction program and other charges                                                                                                          0.43                                                                                      0.04                                                                                      0.39                                                                                          -                                                                                         -                                                                                          -                                                                                         -                                                                                          -                                                                                          -
Add: Bond redemption                                                                                                                                      -                                                                                         -                                                                                         -                                                                                       0.07                                                                                      0.07                                                                                       0.04                                                                                      0.04                                                                                          -                                                                                          -
Less: Income tax benefit                                                                                                                                  -                                                                                         -                                                                                         -                                                                                          -                                                                                         -                                                                                      (0.08 )                                                                                   (0.08 )                                                                                        -                                                                                          -
Add: Pension settlement charge                                                                                                                         0.02                                                                                      0.02                                                                                         -                                                                                       0.02                                                                                      0.02                                                                                       0.02                                                                                         -                                                                                       0.02                                                                                          -
Add: Venezuela currency devaluation                                                                                                    -                                                   -                                                   -                                                 0.45                                                0.45                                                 0.08                                                   -                                                    -                                                 0.08  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
  Total adjustments                                                                                                                 0.45                                                0.06                                                0.39                                                 0.54                                                0.54                                                 0.06                                               (0.04 )                                                                  0.02                                                 0.08  
                                                                                                                                -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ----- --------------------                                            -------------------- ----- --------------------                                            -------------------- ----- --------------------
Adjusted diluted EPS                                                                                                                               $   5.80                                                                $  1.46                                                                $  1.45                                                                $   6.27                                                                $  1.57                                                                $   5.93                                                                $  1.55                                                                 $  1.51                                                                 $  1.38  
                                                                                                                                ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ===== ====================                                            ==================== ===== ====================                                            ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Cash Income Taxes and Interest
----------------------------------------------------------------
Income taxes paid                                                                                                                                  $    420                                                                                                                                                                                                                                                                       $    606                                                                                                                                                                             $    532
Interest paid, net of interest capitalized and excluding bond                                                                                      $    174                                                                                                                                                                                                                                                                       $    174                                                                                                                                                                             $    166
redemption
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
First Quarter and Full-Year 2016 Diluted
EPS Guidance*
----------------------------------------------------------------
                                                                                                                                                                                            First Quarter 2016                                                                                                                                                                                                                                                                                                                                                          Full Year 2016
                                                                                                                                -------------------------------------------------------------------------------------------------------------------------------------------                                                                                                                                                                                                                               -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     Low End                                                                                   High End                                                                                                                                                                                                                                                                        Low End                                                                                  High End
                                                                                                                                -------------------------------------------------                                          ------------------------------------------------                                                                                                                                                                                                                               ------------------------------------------------                                          -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
2016 adjusted diluted EPS guidance                                                                                                                 $   1.20                                                                                   $  1.28                                                                                                                                                                                                                                                                        $  5.30                                                                                   $   5.70
2015 adjusted diluted EPS (see above for full year amounts)                                                                                        $   1.43                                                                                   $  1.43                                                                                                                                                                                                                                                                        $  5.80                                                                                   $   5.80
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Adjusted percentage change                                                                                                                              -16 %                                                                                     -11 %                                                                                                                                                                                                                                                                           -9 %                                                                                       -2 %
Adjusted percentage changes, excluding estimated currency impact                                                                                         -7 %                                                                                      -2 %                                                                                                                                                                                                                                                                           -2 %                                                                                        5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
* Excludes cost reduction charges recorded in the second and third
quarter and the pension settlement charge recorded in the third
quarter.
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160129005158r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160129005158/en/

SOURCE: Praxair, Inc.

Praxair, Inc. 
Investors 
Kelcey Hoyt, 203-837-2118 
kelcey_hoyt@praxair.com 
or 
Media 
Jason Stewart, 203-837-2448 
jason_stewart@praxair.com


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