Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of Linde's outstanding debt at June 30, 2024 and December 31, 2023:

(Millions of dollars)	June 30, 2024		December 31, 2023
SHORT-TERM
Commercial paper	$	3,019	$	4,483
Other bank borrowings (primarily non U.S.)	307		230
Total short-term debt	3,326		4,713
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
1.20% Euro denominated notes due 2024 (c)	—		607
1.875% Euro denominated notes due 2024 (b) (e)	—		332
4.800% Notes due 2024	300		300
4.700% Notes due 2025	599		599
2.65% Notes due 2025	400		399
1.625% Euro denominated notes due 2025	535		550
3.625% Euro denominated notes due 2025	535		551
0.00% Euro denominated notes due 2026	751		774
3.20% Notes due 2026	725		724
3.434% Notes due 2026	199		198
1.652% Euro denominated notes due 2027	87		90
0.25% Euro denominated notes due 2027	803		827
1.00% Euro denominated notes due 2027	537		553
1.00% Euro denominated notes due 2028 (b)	762		780
3.00% Euro denominated notes due 2028 (d)	747		—
3.375% Euro denominated notes due 2029	800		824
1.10% Notes due 2030	697		697
1.90% Euro denominated notes due 2030	110		114
3.375% Euro denominated notes due 2030 (f)	799		—
1.375% Euro denominated notes due 2031	805		829
3.20% Euro denominated notes due 2031 (d)	909		—
0.55% Euro denominated notes due 2032	799		823
0.375% Euro denominated notes due 2033	530		546
3.625% Euro denominated notes due 2034	693		714
3.500% Euro denominated notes due 2034 (f)	795		—
1.625% Euro denominated notes due 2035	851		876
3.40% Euro denominated notes due 2036 (d)	743		—
3.55% Notes due 2042	665		666
3.75% Euro denominated notes due 2044 (f)	743		—
2.00% Notes due 2050	297		296
1.00% Euro denominated notes due 2051	732		755
Non U.S. borrowings	234		226
Other	10		10
	18,192		14,660
Less: current portion of long-term debt	(1,261)		(1,263)
Total long-term debt	16,931		13,397
Total debt	$	21,518	$	19,373

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

(b)June 30, 2024 and December 31, 2023 included a cumulative $38 million and $46 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 4.

(c)In February 2024, Linde repaid €550 million of 1.20% notes that became due.

(d)In February 2024, Linde issued €700 million of 3.00% notes due in 2028, €850 million of 3.20% notes due in 2031 and €700 million of 3.40% notes due in 2036.

(e)In May 2024, Linde repaid €300 million of 1.875% notes that became due.

(f)In June 2024, Linde issued €750 million of 3.375% notes due in 2030, €750 million of 3.500% notes due in 2034 and €700 million of 3.75% notes due in 2044.

The company maintains a $5 billion and a $1.5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expire on December 7, 2027 and December 4, 2024, respectively. There are no financial maintenance covenants contained within the credit agreements. No borrowings were outstanding under the credit agreements as of June 30, 2024.

The weighted-average interest rates of short-term borrowings outstanding were 4.2% and 4.8% as of June 30, 2024 and December 31, 2023, respectively.