Retirement Programs

9 Months Ended

Sep. 30, 2021

Retirement Benefits, Description [Abstract]

Retirement Programs

Retirement Programs

The components of net pension and postretirement benefits other than pensions (“OPEB”) costs for the quarter and nine months ended September 30, 2021 and 2020 are shown below:

	Quarter Ended September 30,								Nine Months Ended September 30,
	Pensions				OPEB				Pensions				OPEB
(Millions of dollars)	2021		2020		2021		2020		2021		2020		2021		2020
Amount recognized in Operating Profit
Service cost	$	39	$	38	$	—	$	1	$	117	$	111	$	1	$	2
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost	39		52		2		1		115		154		3		4
Expected return on plan assets	(129)		(122)		—		—		(391)		(360)		—		—
Net amortization and deferral	41		22		(2)		—		130		67		(4)		(2)
Settlement charge (a)	4		6		—		—		4		6		—		—
	(45)		(42)		—		1		(142)		(133)		(1)		2
Net periodic benefit cost (benefit)	$	(6)	$	(4)	$	—	$	2	$	(25)	$	(22)	$	—	$	4

(a) In the third quarters of 2021 and 2020, Linde recorded pension settlement charges of $4 million and $6 million ($3 million and $5 million, after tax), respectively, related to lump sum benefit payments made from a U.S. non-qualified plan.

Linde estimates that 2021 required contributions to its pension plans will be in the range of $40 million to $50 million, of which $32 million have been made through September 30, 2021.