Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

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Common-Size Balance Sheet: Assets

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Linde plc, common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents
Accounts receivable, net
Contract assets
Inventories
Prepaid and other deferred charges
VAT recoverable
Unrealized gains on derivatives
Assets held for sale
Other
Prepaid and other current assets
Current assets
Property, plant and equipment, net
Finance lease right-of-use assets
Property, plant and equipment, net, including finance lease right-of-use assets
Equity investments
Goodwill
Other intangible assets, net
Pension assets
Insurance contracts
Long-term receivables, net
Operating lease right-of-use assets
Deposits
Investments carried at cost
Deferred charges
Deferred income taxes
Unrealized gains on derivatives
Other
Other long-term assets
Long-term assets
Total assets

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Liquidity Position
The percentage of cash and cash equivalents relative to total assets showed a decreasing trend from 4.25% in 2020 to 3.46% in 2021 but rebounded strongly in subsequent years, reaching 6.05% by 2024. This suggests an improvement in readily available liquid resources after 2021. Similarly, accounts receivable as a proportion of total assets steadily increased from 4.72% in 2020 to a peak of 5.84% in 2023, before a slight decline to 5.77% in 2024, indicating growing credit extended to customers.
Inventory and Contract Assets
Inventory levels rose consistently from 1.96% in 2020 to 2.62% in 2023, with a minor reduction to 2.43% in 2024. Contract assets remained relatively stable through 2022 at around 0.16%, followed by a notable increase to 0.33% by 2024, reflecting potential growth in unbilled revenue or contract work in progress.
Current Assets
Overall current assets increased from 12.38% of total assets in 2020 to a peak of 16.38% in 2022, followed by a slight decline and stabilization around 16% in 2023 and 2024. This upward movement is driven mainly by the increase in cash, accounts receivable, inventories, and prepaid assets.
Property, Plant, and Equipment (PPE)
The net PPE as a percentage of total assets declined from 32.54% in 2020 to a low of 29.56% in 2022, before recovering mildly to 30.91% in 2024. Including finance lease right-of-use assets, the trend is similar, indicating some reduction in fixed assets relative to total asset base during the period, possibly due to disposals, depreciation, or revaluation.
Intangible Assets and Goodwill
Goodwill increased from 31.96% of total assets in 2020 to a peak of 33.13% in 2021, then slightly decreased to 32.36% by 2024. Other intangible assets reported a consistent decline from 18.34% in 2020 to 14.14% in 2024, suggesting amortization or impairment effects over time.
Pension and Long-Term Assets
Pension assets showed an upward trend from virtually negligible levels (0.06%) in 2020 to 1.38% in 2024, reflecting improved funded status or asset buildup. The broader category of long-term assets contracted marginally from 87.62% in 2020 to 83.85% in 2024, indicating a slight shift towards more current asset composition over time.
Deferred Taxes and Derivatives
Deferred income taxes remained stable around 0.3% until 2023 but rose sharply to 0.53% by 2024. Unrealized gains on derivatives displayed volatility, peaking at 0.38% in 2024 after a dip to 0.03% in 2022, reflecting changes in derivative valuations.
Other Asset Categories
Prepaid and other deferred charges rose modestly from 0.58% in 2020 to 0.72% by 2024. VAT recoverable decreased slightly to 0.22% in 2023 and remained stable. Other current and long-term asset categories showed relatively minor fluctuations without a clear directional trend. Notably, other long-term assets increased from 2.26% in 2020 to 3.54% in 2024, signaling growth in less specified asset categories.
Summary
The data reveals a general shift toward increased liquidity and current asset levels over the period, accompanied by some contraction in property, plant, and other intangible assets. The stable to slightly increasing goodwill and pension assets suggest a focus on intangible value and employee benefit asset accumulation. The fluctuations in deferred taxes and derivative gains highlight ongoing financial risk management activities. Overall, the asset structure sees a modest shift towards enhanced current asset holdings within a mostly stable long-term asset base.