Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

DEBT

The following is a summary of Linde’s outstanding debt at December 31, 2021 and 2020:

(Millions of dollars)	December 31, 2021		December 31, 2020
SHORT-TERM
Commercial paper	$	278	$	2,527
Other borrowings (primarily non U.S.)	885		724
Total short-term debt	1,163		3,251
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
3.875% Euro denominated notes due 2021 (c)	—		748
0.250% Euro denominated notes due 2022 (b) (f)	1,137		1,226
2.45% Notes due 2022 (e)	—		599
2.20% Notes due 2022	500		499
2.70% Notes due 2023	500		499
2.00% Euro denominated notes due 2023 (b)	759		832
5.875% GBP denominated notes due 2023 (b)	432		460
1.20% Euro denominated notes due 2024	625		671
1.875% Euro denominated notes due 2024 (b)	356		389
2.65% Notes due 2025	399		398
1.625% Euro denominated notes due 2025	565		607
0.00% Euro denominated notes due 2026 (d)	799		—
3.20% Notes due 2026	725		725
3.434% Notes due 2026	197		196
1.652% Euro denominated notes due 2027	94		100
0.250% Euro denominated notes due 2027	850		914
1.00% Euro denominated notes due 2028 (b)	879		966
1.10% Notes due 2030	696		696
1.90% Euro denominated notes due 2030	118		127
0.550% Euro denominated notes due 2032	847		909
0.375% Euro denominated notes due 2033 (d)	565		—
3.55% Notes due 2042	664		664
2.00% Notes due 2050	296		296
1.00% Euro denominated notes due 2051 (d)	788		—
Non U.S. borrowings	243		372
Other	10		10
	13,044		12,903
Less: current portion of long-term debt	(1,709)		(751)
Total long-term debt	11,335		12,152
Total debt	$	14,207	$	16,154

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

(b)December 31, 2021 and 2020 included a cumulative $42 million and $79 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps.

(c)In June 2021, the company repaid €600 million of 3.875% note that became due.

(d)In September 2021, Linde issued €700 million of 0.000% notes due 2026, €500 million of 0.375% notes due 2033, and €700 million of 1.000% notes due 2051.

(e)In November 2021, Linde repaid $600 million of 2.45% notes that were due in 2022. There was no impact to interest within the consolidated statements of income.

(f)In January 2022, Linde repaid €1.0 billion of 0.250% notes that became due in 2022.

Credit Facilities

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. No borrowings were outstanding under the Credit Agreement as of December 31, 2021.

Other Debt Information

As of December 31, 2021 and 2020, the weighted-average interest rate of short-term borrowings outstanding was 0.0% in both years.

Expected maturities of long-term debt are as follows:

(Millions of dollars)
2022	$	1,709
2023	1,706
2024	988
2025	984
2026	1,735
Thereafter	5,922
	$	13,044

As of December 31, 2021, the amount of Linde's assets pledged as collateral was immaterial.

See Note 13 for the fair value information related to debt.