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Supplemental Information
 12 Months Ended
Dec. 31, 2023
Supplemental Information [Abstract]  
Supplemental Information SUPPLEMENTAL INFORMATION
Income Statement
(Millions of dollars)
Year Ended December 31,
202320222021
Selling, General and Administrative
Selling$1,330 $1,295 $1,342 
General and administrative1,965 1,812 1,847 
$3,295 $3,107 $3,189 
Year Ended December 31,202320222021
Depreciation and Amortization (a)
Depreciation$3,266 $3,633 $3,912 
Amortization of intangibles (Note 10)550 571 723 
Depreciation and Amortization$3,816 $4,204 $4,635 
Year Ended December 31,202320222021
Other Income (Expenses) – Net
Currency related net gains (losses)$(47)$(18)$(29)
Partnership income2 18 13 
Severance expense(12)(13)(5)
Asset divestiture gains (losses) – net6 (9)(31)
Other – net gains (losses)10 (40)26 
$(41)$(62)$(26)

Year Ended December 31,
202320222021
Interest Expense – Net
Interest incurred on debt and other$480 $277 $227 
Interest income(197)(117)(40)
Amortization on acquired debt(16)(35)(53)
Interest capitalized(67)(62)(57)
$200 $63 $77 

Balance Sheet
(Millions of dollars)
December 31,
20232022
Accounts Receivable
Trade and Other receivables$5,175 $4,964 
Less: allowance for expected credit losses(457)(405)
$4,718 $4,559 
Receivables
Linde applies loss rates that are lifetime expected credit losses at initial recognition of the receivables. These expected loss rates are based on an analysis of the actual historical default rates for each business, taking regional circumstances into account. If necessary, these historical default rates are adjusted to reflect the impact of current changes in the macroeconomic environment using forward-looking information. The loss rates are also evaluated based on the expectations of the responsible management team regarding the collectability of the receivables. Gross trade receivables aged less than one year were $4,667 million and $4,498 million at December 31, 2023 and December 31, 2022, respectively, and gross receivables aged greater than one year were $354 million and $321 million at December 31, 2023 and December 31, 2022, respectively. Gross other receivables were $154 million and $145 million at December 31, 2023 and December 31, 2022, respectively. Receivables aged greater than one year are generally fully reserved unless specific circumstances warrant exceptions, such as those backed by federal governments.
Provisions for expected credit losses were $175 million, $163 million and $129 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively. The allowance activity in the twelve months ended December 31, 2023 related to write-offs of uncollectible amounts, net of recoveries and currency movements is not material.


December 31,
20232022
Inventories
Raw materials and supplies$614 $567 
Work in process390 368 
Finished goods1,111 1,043 
$2,115 $1,978 
December 31,20232022
Prepaid and Other Current Assets
Prepaid and other deferred charges (b)$583 $597 
VAT recoverable178 225 
Unrealized gains on derivatives (Note 12)73 24 
Other93 104 
$927 $950 
December 31,20232022
Other Long-term Assets
Pension assets (Note 16)$380 $661 
Insurance contracts (c)38 39 
Long-term receivables, net (d)163 164 
Lease assets (Note 4)938 872 
Deposits76 52 
Investments carried at cost (e)187 184 
Deferred charges60 66 
Deferred income taxes (Note 5) 226 230 
Unrealized gains on derivatives (Note 12)8 4 
Other223 204 
$2,299 $2,476 
December 31,20232022
Other Current Liabilities
Accrued expenses$1,494 $1,533 
Payroll678 614 
VAT payable253 259 
Pension and postretirement (Note 16)31 51 
Interest payable129 118 
Lease liability (Note 4)227 223 
Insurance reserves21 19 
Unrealized losses on derivatives (Note 12)41 23 
Cost reduction programs and other charges (Note 3)146 187 
Other1,136 1,055 
$4,156 $4,082 
December 31,20232022
Other Long-term Liabilities
Pension and postretirement (Note 16)$693 $640 
Tax liabilities for uncertain tax positions (Note 5)216 248 
Tax Act liabilities (f)80 139 
Lease liability (Note 4)715 654 
Interest and penalties for uncertain tax positions (Note 5)14 35 
Insurance reserves54 52 
Asset retirement obligation305 305 
Unrealized losses on derivatives (Note 12)6 73 
Cost reduction programs and other charges (Note 3)68 133 
Contingent liabilities (Note 17)1,148 29 
Other 505 487 
$3,804 $2,795 
 
December 31,20232022
Deferred Credits
Deferred income taxes (Note 5) $5,749 $5,886 
Contract liabilities (Note 19)1,049 913 
$6,798 $6,799 
December 31,20232022
Accumulated Other Comprehensive Income (Loss)
Cumulative translation adjustment - net of taxes:
Americas (g)$(3,618)$(3,942)
EMEA (g)(737)(1,249)
APAC (g)(1,037)(835)
Engineering(93)(241)
Other113 483 
(5,372)(5,784)
Derivatives – net of taxes7 62 
Pension/OPEB funded status obligation (net of $60 million tax benefit in 2023 and $(54) million tax obligation in 2022) (Note 16)
(440)(60)
$(5,805)$(5,782)
(a)Depreciation and amortization expense in 2023 include $529 million and $462 million, respectively, of Linde AG purchase accounting impacts. In 2022, depreciation and amortization expense include $1,006 million and $474 million, respectively, of Linde AG purchase accounting impacts.
(b)    Includes estimated income tax payments of $173 million in 2023 and $164 million in 2022.
(c)    Consists primarily of insurance contracts and other investments to be utilized for non-qualified pension and OPEB obligations.
(d)    The balances at December 31, 2023 and 2022 are net of reserves of $42 million and $36 million, respectively. The amounts relate primarily to long-term notes receivable from customers in APAC, government receivables in Brazil and receivables from the sale of GIST.
(e)    Includes investments from the deconsolidation of Russian subsidiaries.
(f)    Represents tax payable related to the deemed repatriation tax pursuant to the U.S. Tax Cuts and Jobs Act of 2018. The company is required to fund the balance in annual installments through 2025.
(g)    Americas consists of currency translation adjustments primarily in Canada, Mexico, and Brazil. EMEA relates primarily to Germany, the U.K., the Netherlands, Hungary, Norway and Sweden. APAC relates primarily to China, South Korea, India and Australia.