Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Linde plc, consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable
Short-term debt
Current portion of long-term debt
Contract liabilities
Accrued taxes
Accrued expenses
Payroll
VAT payable
Pension and postretirement
Interest payable
Current operating lease liabilities
Current finance lease liabilities
Insurance reserves
Unrealized losses on derivatives
Noncontrolling interest redemption and dividend
Cost reduction programs and other charges
Other
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Pension and postretirement
Tax liabilities for uncertain tax positions
Tax Act liabilities
Long-term operating lease liabilities
Long-term finance lease liabilities
Interest and penalties for uncertain tax positions
Insurance reserves
Asset retirement obligation
Unrealized losses on derivatives
Cost reduction programs and other charges
Contingent liabilities
Other
Other long-term liabilities
Deferred income taxes
Contract liabilities
Deferred credits
Long-term liabilities
Total liabilities
Redeemable noncontrolling interests
Ordinary shares, €0.001 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury shares, at cost
Total Linde plc shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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).

Current liabilities trends
Current liabilities showed volatility over the period. Accounts payable increased from 2020 to 2021, then declined through 2024. Short-term debt fluctuated, with a significant drop in 2021 followed by a sharp rise peaking in 2023 before a slight decrease in 2024. The current portion of long-term debt more than doubled from 2020 to 2024, with some fluctuation. Contract liabilities rose steeply in 2021 and 2022 before dropping considerably in 2023 and further in 2024. Accrued expenses and accrued taxes exhibited growth until 2022, then slightly decreased or stabilized. Payroll expenses were relatively stable with minor fluctuations. VAT payable consistently declined marginally over the years. Interest payable nearly doubled by 2024 after some fluctuation, indicating rising short-term interest liabilities.
Long-term liabilities trends
Long-term debt, excluding the current portion, steadily increased over the analyzed period, rising substantially from around $12.2 billion in 2020 to $15.3 billion in 2024. Pension and postretirement liabilities showed a pronounced decline, sharply dropping from $2.96 billion in 2020 to $519 million in 2024, suggesting benefit obligations were being reduced or restructured. Tax liabilities for uncertain positions and related interest and penalties decreased gradually, indicating possible resolution of tax uncertainties. Long-term operating lease liabilities slightly declined overall but displayed some fluctuations. Insurance reserves and asset retirement obligations remained relatively stable with minor year-to-year changes. Contingent liabilities emerged starting 2022 and surged through 2024, which may signal increasing potential future obligations or risks. Other long-term liabilities decreased substantially from 2020 to 2022 before rising again in 2023 and 2024.
Total liabilities and equity dynamics
Total liabilities experienced a decline from 2020 to 2021 but then rose progressively, peaking in 2024. The increase in total liabilities was primarily driven by an increase in long-term debt and the emergence and growth of contingent liabilities. Total equity declined consistently over the period from $49.6 billion in 2020 to $39.5 billion in 2024. Within equity, retained earnings first increased through 2022 but then dropped sharply in 2023 before partially recovering in 2024, indicating a period of reduced profitability or higher distributions. Accumulated other comprehensive losses increased in magnitude, reflecting growing unrealized losses or other comprehensive loss components. Treasury shares at cost increased dramatically until 2022, indicating significant share repurchases, then decreased in 2023 before rising again in 2024. Additional paid-in capital showed a gradual decline, suggesting no significant equity issuance.
Financial position observations
The overall financial position reveals increasing leverage through rising long-term debt levels while equity decreased. The company's shifting composition of liabilities, including rising contingent liabilities and steady growth in current portions of debt, suggests evolving risk exposure and refinancing activities. The decline in pension and postretirement liabilities may hint at improved funding status or plan changes. The volatility in retained earnings and treasury shares likely reflects impacts from operational performance and capital management strategies.