Retirement Programs (Tables)

9 Months Ended

Sep. 30, 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 quarter and nine months ended September 30, 2020 and 2019 are shown below:


	Quarter Ended September 30,								Nine Months Ended September 30,
	Pensions				OPEB				Pensions				OPEB
(Millions of dollars)	2020		2019		2020		2019		2020		2019		2020		2019
Amount recognized in Operating Profit
Service cost	$	38	$	34	$	1	$	—	$	111	$	112	$	2	$	1
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost	52		61		1		3		154		194		4		6
Expected return on plan assets	(122)		(117)		—		—		(360)		(349)		—		—
Net amortization and deferral	22		17		—		(2)		67		45		(2)		(4)
Curtailment and termination benefits (a)	—		—		—		—		—		10		—		—
Settlement charge (b)	6		40		—		—		6		91		—		—
	(42)		1		1		1		(133)		(9)		2		2


Net periodic benefit cost (benefit)	$	(4)	$	35	$	2	$	1	$	(22)	$	103	$	4	$	3

(a) In the second quarter of 2019, Linde recorded a curtailment gain of $7 million and a charge of $17 million for termination benefits in connection with a defined benefit pension plan freeze.

(b) In the third quarter of 2020, Linde recorded a pension settlement charge of $6 million ($5 million after tax). 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). In the third quarter of 2019, Linde recorded a pension settlement charge of $40 million ($30 million after tax) related to lump sum payments made from a U.S. qualified plan that were triggered by merger-related divestitures.