Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of Linde's outstanding debt at June 30, 2023 and December 31, 2022:

(Millions of dollars)	June 30, 2023		December 31, 2022
SHORT-TERM
Commercial paper	$	2,765	$	3,926
Other bank borrowings (primarily non U.S.)	253		191
Total short-term debt	3,018		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) (d)	—		699
5.875% GBP denominated notes due 2023 (b) (d)	—		367
1.20% Euro denominated notes due 2024	600		588
1.875% Euro denominated notes due 2024 (b)	328		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	543		533
3.625% Euro denominated notes due 2025 (e)	544		—
0.00% Euro denominated notes due 2026	766		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	817		802
1.00% Euro denominated notes due 2027	546		536
1.00% Euro denominated notes due 2028 (b)	767		749
3.375% Euro denominated notes due 2029 (e)	814		—
1.10% Notes due 2030	697		696
1.90% Euro denominated notes due 2030	113		111
1.375% Euro denominated notes due 2031	819		803
0.55% Euro denominated notes due 2032	813		798
0.375% Euro denominated notes due 2033	540		529
3.625% Euro denominated notes due 2034 (e)	705		—
1.625% Euro denominated notes due 2035	865		849
3.55% Notes due 2042	665		665
2.00% Notes due 2050	296		296
1.00% Euro denominated notes due 2051	746		731
Non U.S. borrowings	170		152
Other	10		10
	14,472		13,797
Less: current portion of long-term debt	(944)		(1,599)
Total long-term debt	13,528		12,198
Total debt	$	17,490	$	17,914

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

(b)June 30, 2023 and December 31, 2022 included a cumulative $50 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.

(d)In April 2023, Linde repaid €650 million of 2.00% notes and £300 million of 5.875% notes that became due.

(e)In June 2023, Linde issued €500 million of 3.625% notes due in 2025, €750 million of 3.375% notes due in 2029 and €650 million of 3.625% notes due in 2034.

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 June 30, 2023.