Debt

The following is a summary of Linde's outstanding debt at March 31, 2019 and December 31, 2018:



(Millions of dollars)	March 31, 2019			December 31, 2018
SHORT-TERM
Commercial paper and U.S. bank borrowings	$	216		$	829
Other bank borrowings (primarily international)	723			656
Total short-term debt	939			1,485
LONG-TERM (a)
U.S. borrowings (U.S. dollar denominated unless otherwise noted)
1.90% Notes due 2019 (b)	—			500
Variable rate notes due 2019	150			150
1.75% Euro denominated notes due 2019 (c)	560			578
4.25% AUD denominated notes due 2019	71			71
Variable rate notes due 2019	200			200
2.25% Notes due 2020	299			299
1.75% Euro denominated notes due 2020 (c)	1,154			1,185
0.634% Euro denominated notes due 2020	57			58
4.05% Notes due 2021	499			499
3.875% Euro denominated notes due 2021 (c)	732			755
3.00% Notes due 2021	498			498
0.250% Euro denominated notes due 2022 (c)	1,130			1,156
2.45% Notes due 2022	598			598
2.20% Notes due 2022	498			498
2.70% Notes due 2023	498			498
2.00% Euro denominated notes due 2023 (c)	786			805
5.875% GBP denominated notes due 2023 (c)	461			454
1.20% Euro denominated notes due 2024	616			628
1.875% Euro denominated notes due 2024 (c)	364			373
2.65% Notes due 2025	398			398
1.625% Euro denominated notes due 2025	556			568
3.20% Notes due 2026	725			725
3.434% Notes due 2026	195			195
1.652% Euro denominated notes due 2027	95			96
1.00% Euro denominated notes due 2028 (c)	858			861
1.90% Euro denominated notes due 2030	118			121
3.55% Notes due 2042	662			662
Other	10			10
International bank borrowings	303			291
Obligations under capital leases	116			81
	13,207			13,811
Less: current portion of long-term debt	(1,017		)	(1,523		)
Total long-term debt	12,190			12,288
Total debt	$	14,146		$	15,296


(a)	Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.


(b)	In February 2019, Linde repaid $500 million of 1.90% notes that became due.


(c)	March 31, 2019 and December 31, 2018 included a cumulative $34 million and $14 million fair value increase, respectively, related to hedge accounting. Refer to Note 7 - Financial Instruments for additional information.

On March 26, 2019 the company and certain of its subsidiaries entered into an unsecured revolving credit agreement ("the Credit Agreement") with a syndicate of banking institutions, which became effective on March 29, 2019. The Credit Agreement provides for total commitments of $5.0 billion, which may be increased up to $6.5 billion subject to receipt of additional commitments and satisfaction of customary conditions. There are no financial maintenance covenants contained within the Credit Agreement. The revolving credit facility expires on March 26, 2024 with the option to request two one-year extensions of the expiration date. In connection with the effectiveness of the Credit Agreement, Praxair and Linde AG terminated their respective existing revolving credit facilities. No borrowings were outstanding under the Credit Agreement as of March 31, 2019.