Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of Linde's outstanding debt at March 31, 2023 and December 31, 2022:

(Millions of dollars)	March 31, 2023		December 31, 2022
SHORT-TERM
Commercial paper	$	5,063	$	3,926
Other bank borrowings (primarily non U.S.)	274		191
Total short-term debt	5,337		4,117
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
2.70% Notes due 2023 (c)	—		501
2.00% Euro denominated notes due 2023 (b)	706		699
5.875% GBP denominated notes due 2023 (b)	371		367
1.20% Euro denominated notes due 2024	596		588
1.875% Euro denominated notes due 2024 (b)	327		324
4.800% Notes due 2024	299		299
4.700% Notes due 2025	598		598
2.65% Notes due 2025	399		400
1.625% Euro denominated notes due 2025	539		533
0.00% Euro denominated notes due 2026	761		751
3.20% Notes due 2026	725		724
3.434% Notes due 2026	198		198
1.652% Euro denominated notes due 2027	89		88
0.25% Euro denominated notes due 2027	812		802
1.00% Euro denominated notes due 2027	543		536
1.00% Euro denominated notes due 2028 (b)	765		749
1.10% Notes due 2030	696		696
1.90% Euro denominated notes due 2030	112		111
1.375% Euro denominated notes due 2031	814		803
0.55% Euro denominated notes due 2032	808		798
0.375% Euro denominated notes due 2033	536		529
1.625% Euro denominated notes due 2035	860		849
3.55% Notes due 2042	664		665
2.00% Notes due 2050	296		296
1.00% Euro denominated notes due 2051	741		731
Non U.S. borrowings	175		152
Other	10		10
	13,440		13,797
Less: current portion of long-term debt	(1,696)		(1,599)
Total long-term debt	11,744		12,198
Total debt	$	18,777	$	17,914

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

(b)March 31, 2023 and December 31, 2022 included a cumulative $47 million and $56 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5.

(c)In February 2023, Linde repaid $500 million of 2.70% notes that became due.

The company maintains a $5 billion and a $1.5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expire December 7, 2027 and December 7, 2023, respectively. There are no financial maintenance covenants contained within the credit agreements. No borrowings were outstanding under the credit agreements as of March 31, 2023.