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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Current Ratio
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Linde plc, income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Item | Description | The company |
---|---|---|
Current tax expense | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Linde plc’s current tax expense decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level. |
Deferred tax expense (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Linde plc’s deferred tax expense (benefit) decreased from 2017 to 2018 and from 2018 to 2019. |
Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Linde plc’s provision for income taxes decreased from 2017 to 2018 and from 2018 to 2019. |
Effective Income Tax Rate (EITR)
Linde plc, effective income tax rate (EITR) reconciliation
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Item | Description | The company |
---|---|---|
Effective tax rate, before Tax Act | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Linde plc’s effective tax rate, before Tax Act decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level. |
Components of Deferred Tax Assets and Liabilities
Linde plc, components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Item | Description | The company |
---|---|---|
Deferred tax assets, before valuation allowances | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Linde plc’s deferred tax assets, before valuation allowances increased from 2017 to 2018 and from 2018 to 2019. |
Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Linde plc’s deferred tax assets increased from 2017 to 2018 and from 2018 to 2019. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Linde plc’s net deferred tax assets (liabilities) decreased from 2017 to 2018 but then slightly increased from 2018 to 2019. |
Deferred Tax Assets and Liabilities, Classification
Linde plc, deferred tax assets and liabilities, classification
US$ in millions
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Item | Description | The company |
---|---|---|
Noncurrent deferred tax assets (included in Other long-term assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Linde plc’s noncurrent deferred tax assets (included in Other long-term assets) increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level. |
Noncurrent deferred tax liabilities (included in Deferred credits) | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Linde plc’s noncurrent deferred tax liabilities (included in Deferred credits) increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Linde plc, adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Linde plc, Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Linde plc, adjusted financial ratios
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
Financial ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Linde plc’s adjusted current ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Linde plc’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Linde plc’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Linde plc’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Linde plc’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Linde plc’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |
Linde plc, Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
Liquidity ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Linde plc’s adjusted current ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 Net profit margin = 100 × Net income, Linde plc ÷ Sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income, Linde plc ÷ Sales
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Linde plc’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 Total asset turnover = Sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Linde plc’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 Financial leverage = Total assets ÷ Total Linde plc shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Linde plc shareholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Linde plc’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 ROE = 100 × Net income, Linde plc ÷ Total Linde plc shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income, Linde plc ÷ Adjusted total Linde plc shareholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Linde plc’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-03-02), 10-K (filing date: 2019-03-18), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).
2019 Calculations
1 ROA = 100 × Net income, Linde plc ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income, Linde plc ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Linde plc’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |