Merger-Related Divestitures, Discontinued Operations and Net Assets Held For Sale (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of Divestitures, Discontinued Operations, and Assets Held For Sale

As such, operations related to the Linde AG merger-related divestitures are included within Income from discontinued operations, net of tax for periods subsequent to the merger, as summarized below:

Millions of dollars	November 1, - December 31, 2018
Net sales	$	388
Cost of sales	173
Other operating costs	90
Operating profit	$	125
Income from equity investments	1
Income taxes	9
Income from discontinued operations, net of tax	$	117
Noncontrolling interests	(9		)
Income from discontinued operations, net of tax and noncontrolling interests	$	108

The net carrying value of Praxair's European business assets and liabilities divested on December 3, 2018 is presented below:

Millions of dollars	Carrying Value
Assets
Cash and cash equivalents	$	38
Accounts receivable – net	311
Inventories	67
Prepaid and other current assets	22
Property, plant and equipment – net	1,342
Equity investments	234
Goodwill	620
Other intangible assets – net	115
Other long-term assets	36
Total Assets Divested	$	2,785
Liabilities
Accounts payable	$	215
Accrued taxes	27
Other current liabilities	111
Long-term debt	2
Other long-term liabilities	92
Deferred credits	174
Total Liabilities Divested	$	621
Noncontrolling interests	$	200
Accumulated other comprehensive income (loss)
Pension/OPEB funded status obligation, net of taxes	(8		)
Cumulative translation adjustment, net of taxes	(318		)
Net Assets Divested	$	2,290

As of December 31, 2018, the following assets and liabilities are reported as components of the net assets held for sale in the consolidated balance sheets:

Millions of dollars	Carrying / Fair Market Value
Assets
Cash and cash equivalents	$	182
Accounts receivable – net	297
Inventories	209
Prepaid and other current assets	54
Property, plant and equipment – net	2,005
Other Assets	187
Asset adjustments for estimated fair value (Note 3)	2,564
Total Assets Classified as Assets Held for Sale	$	5,498
Liabilities
Accounts payable	125
Deferred credits	206
Other liabilities	437
Total Liabilities Classified as Assets Held for Sale	768
Net Assets Classified as Held for Sale	$	4,730