Fourth Quarter 2023 Earnings Report
Non-GAAP Measures, continued
Linde
(Millions of dollars)
Reported capital
2023
2022
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
$
55,804 $
54,347 $
55,381 $
55,151 $
53,865 $
50,521 $
53,428 $
56,382
Total equity and redeemable noncontrolling interests
$
41,095 $
40,238 $
41,248 $
41,336 $
41,387 $
38,939 $
41,040 $
44,390
Add: Adjusted net debt
14,702
14,101
14,123
13,802
12,456
11,554
12,350
11,942
Less: Linde AG Goodwill (a)
24,256
24,256
24,256
24,256
24,256
24,256
24,256
24,256
Less: Linde AG Indefinite lived intangibles (a)
1,868
1,868
1,868
1,868
1,868
1,868
1,868
1,868
Adjusted capital
$
29,673 $
28,215 $
29,247 $
29,014 $
27,719 $
24,369 $
27,266 $
30,208
(a) Represent opening balance sheet purchase accounting impacts of non-amortizing assets related to the Linde AG merger.
Ending capital (see above)
$
55,804 $
54,347 $
55,381 $
55,151 $
53,865 $
50,521 $
53,428 $
56,382
5-quarter average ending capital
$
54,910 $
53,853 $
53,669 $
53,869 $
54,204 $
54,984 $
56,796 $
57,967
Ending adjusted capital (see above)
$
29,673 $
28,215 $
29,247 $
29,014 $
27,719 $
24,369 $
27,266 $
30,208
5-quarter average ending adjusted capital
$
28,774 $
27,713 $
27,523 $
27,715 $
28,040 $
28,810 $
30,611 $
31,770
After-tax ROC (4 quarter reported NOPAT / 5-quarter average ending
capital)
11.8%
11.6 %
11.0 %
8.7 %
8.0 %
7.3 %
6.6 %
7.2 %
Adjusted after-tax ROC (4 quarter trailing adjusted NOPAT / 5-quarter
average ending adjusted capital)
25.4%
25.6%
24.9 %
24.0 %
22.9%
21.8 %
20.0 %
18.9 %
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