Retirement Programs

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022 are shown below:

	Quarter Ended June 30,				Six Months Ended June 30,
(Millions of dollars)	2023		2022		2023		2022
Amount recognized in Operating Profit
Service cost	$	21	$	32	$	42	$	65
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost	94		51		186		104
Expected return on plan assets	(131)		(132)		(260)		(268)
Net amortization and deferral	(8)		19		(16)		38
	(45)		(62)		(90)		(126)
Net periodic benefit cost (benefit)	$	(24)	$	(30)	$	(48)	$	(61)

Components of net periodic benefit expense for other post-retirement plans for the quarter and six months ended June 30, 2023 and 2022 were not material.

Linde estimates that 2023 required contributions to its pension plans will be in the range of approximately $40 million to $50 million, of which $25 million have been made through June 30, 2023.