Retirement Programs

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 are shown below:

	Quarter Ended June 30,				Six Months Ended June 30,
(Millions of dollars)	2022		2021		2022		2021
Amount recognized in Operating Profit
Service cost	$	32	$	39	$	65	$	79
Amount recognized in Net pension and OPEB cost (benefit), excluding service cost
Interest cost	51		38		104		77
Expected return on plan assets	(132)		(131)		(268)		(262)
Net amortization and deferral	19		44		38		87
	(62)		(49)		(126)		(98)
Net periodic benefit cost (benefit)	$	(30)	$	(10)	$	(61)	$	(19)

Components of net periodic benefit expense for other post-retirement plans for the quarter and six months ended June 30, 2022 and 2021 were not material.

Linde estimates that 2022 required contributions to its pension plans will be in the range of $40 million to $50 million, of which $19 million have been made through June 30, 2022.