Company: LIN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007990
Chunk: 23

Company: LINDE PLC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 23
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)%(57)(1.0)%Provision for income taxes$2,002 23.4 %$1,814 22.7 %$1,434 25.9 %(a)Primarily related to differences between the U.S. tax rate and the statutory tax rate in the countries in which the company operates. It also includes the U.S. tax impact of the non-U.S. activities and other non-U.S. permanent items and tax rate changes. These other items were not material.(b)2024 includes the tax effect of Pillar II, the 15% global minimum tax rate provisions of the OECD's framework for Pillar Two, which was not material.(c)Includes net tax benefits related to tax audit settlements of $54 million in 2023 and $71 million in 2022. In 2024, the tax effect of these items was not material.Net Deferred Tax LiabilitiesNet deferred tax liabilities included in the consolidated balance sheets are comprised of the following: (Millions of dollars)December 31,20242023Deferred tax liabilitiesFixed assets$2,378 $2,686 Goodwill233 215 Other intangible assets 2,638 2,872 Subsidiary/equity investments535 586 Other (a)736 456 $6,520 $6,815 Deferred tax assetsCarryforwards$505 $285 Benefit plans and related (b)(c)16 243 Inventory87 82 Accruals and other (d)827 858 $1,435 $1,468 Less: Valuation allowances (e)(146)(176)$1,289 $1,292 Net deferred tax liabilities$5,231 $5,523 Recorded in the consolidated balance sheets as (Note 7):Other long-term assets428 226 Deferred credits5,659 5,749 $5,231 $5,523 (a)Includes $235 million in 2024 and $221 million in 2023 related to right-of-use lease assets and includes $335 million in 2024 and $170 million in 2023 related to timing differences regarding certain engineering projects accounted for on the cost incurred input method.(b)Includes deferred tax liabilities of $95 million and deferred tax assets of $60 million in 2024 and 2023, respectively, related to pension