Debt

3 Months Ended

Mar. 31, 2020

The following is a summary of Linde's outstanding debt at March 31, 2020 and December 31, 2019:



(Millions of dollars)	March 31, 2020			December 31, 2019
SHORT-TERM
Commercial paper and U.S. bank borrowings	$	3,994		$	996
Other bank borrowings (primarily international)	854			736
Total short-term debt	4,848			1,732
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
2.25% Notes due 2020	300			300
1.75% Euro denominated notes due 2020 (b)	1,113			1,137
0.634% Euro denominated notes due 2020	55			56
4.05% Notes due 2021	499			499
3.875% Euro denominated notes due 2021 (b)	694			711
3.00% Notes due 2021	499			499
0.250% Euro denominated notes due 2022 (b)	1,110			1,129
2.45% Notes due 2022	599			599
2.20% Notes due 2022	499			499
2.70% Notes due 2023	499			499
2.00% Euro denominated notes due 2023 (b)	761			776
5.875% GBP denominated notes due 2023 (b)	428			456
1.20% Euro denominated notes due 2024	605			615
1.875% Euro denominated notes due 2024 (b)	356			361
2.65% Notes due 2025	398			398
1.625% Euro denominated notes due 2025	547			556
3.20% Notes due 2026	725			725
3.434% Notes due 2026	196			196
1.652% Euro denominated notes due 2027	91			93
1.00% Euro denominated notes due 2028 (b)	865			872
1.90% Euro denominated notes due 2030	117			118
3.55% Notes due 2042	662			662
Other	10			10
International bank borrowings	262			309
Obligations under finance leases	137			149
	12,027			12,224
Less: current portion of long-term debt	(2,006		)	(1,531		)
Total long-term debt	10,021			10,693
Total debt	$	16,875		$	13,956


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


(b)	March 31, 2020 and December 31, 2019 included a cumulative $9 million and $38 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5 for additional information.

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 March 31, 2020.