Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of Linde's outstanding debt at June 30, 2022 and December 31, 2021:

(Millions of dollars)	June 30, 2022		December 31, 2021
SHORT-TERM
Commercial paper	$	2,974	$	278
Other bank borrowings (primarily non U.S.)	241		885
Total short-term debt	3,215		1,163
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
0.250% Euro denominated notes due 2022 (b) (c)	—		1,137
2.20% Notes due 2022 (e)	—		500
2.70% Notes due 2023	500		500
2.00% Euro denominated notes due 2023 (b)	691		759
5.875% GBP denominated notes due 2023 (b)	381		432
1.20% Euro denominated notes due 2024	576		625
1.875% Euro denominated notes due 2024 (b)	322		356
2.65% Notes due 2025	399		399
1.625% Euro denominated notes due 2025	521		565
0.00% Euro denominated notes due 2026	736		799
3.20% Notes due 2026	725		725
3.434% Notes due 2026	198		197
1.652% Euro denominated notes due 2027	86		94
0.250% Euro denominated notes due 2027	785		850
1.00% Euro denominated notes due 2027 (d)	522		—
1.00% Euro denominated notes due 2028 (b)	761		879
1.10% Notes due 2030	696		696
1.90% Euro denominated notes due 2030	109		118
1.375% Euro denominated notes due 2031 (d)	778		—
0.550% Euro denominated notes due 2032	781		847
0.375% Euro denominated notes due 2033	521		565
1.625% Euro denominated notes due 2035 (d)	828		—
3.55% Notes due 2042	664		664
2.00% Notes due 2050	296		296
1.00% Euro denominated notes due 2051	726		788
Non U.S borrowings	216		243
Other	10		10
	12,828		13,044
Less: current portion of long-term debt	(1,651)		(1,709)
Total long-term debt	11,177		11,335
Total debt	$	16,043	$	14,207

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

(b)June 30, 2022 and December 31, 2021 included a cumulative $19 million and $42 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5.

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

(d)In March 2022, Linde issued €500 million of 1.000% notes due 2027, €750 million of 1.375% notes due 2031, and €800 million of 1.625% notes due 2035.

(e)In May 2022, Linde repaid $500 million of 2.20% notes due in August 2022. There was no impact to interest within the consolidated statements of income.

The company maintains a $5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expires March 26, 2024. There are no financial maintenance covenants contained within the credit agreement. No borrowings were outstanding under the credit agreement as of June 30, 2022.