Retirement Programs (Tables)

3 Months Ended

Mar. 31, 2020

Retirement Benefits, Description [Abstract]

Schedule of Pension and OPEB Net Periodic Benefit Costs

The components of net pension and postretirement benefits other than pensions (“OPEB”) costs for the quarters ended March 31, 2020 and 2019 are shown below:

 

	Quarter Ended March 31,
	Pensions						OPEB
(Millions of dollars)	2020			2019			2020			2019
Amount recognized in Operating Profit
Service cost	$	37		$	39		$	1		$	1
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost	52			68			1			2
Expected return on plan assets	(120		)	(119		)	—			—
Net amortization and deferral	23			14			(1		)	(1		)
Settlement charge (a)	—			51			—			—
	(45		)	14			—			1
Net periodic benefit cost	$	(8	)	$	53		$	1		$	2

(a) In the first quarter of 2019, benefits of $91 million were paid related to the settlement of a U.S. non-qualified plan that was triggered due to a change in control provision. Accordingly, Linde recorded a pension settlement charge of $51 million ($38 million after tax, or $0.07 per diluted share).