Debt

9 Months Ended

Sep. 30, 2020

The following is a summary of Linde's outstanding debt at September 30, 2020 and December 31, 2019:


(Millions of dollars)	September 30, 2020		December 31, 2019
SHORT-TERM
Commercial paper and U.S. bank borrowings	$	3,230	$	996
Other bank borrowings (primarily international)	794		736
Total short-term debt	4,024		1,732
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
2.25% Notes due 2020 (e)	—		300
1.75% Euro denominated notes due 2020 (e),(b)	—		1,137
0.634% Euro denominated notes due 2020	59		56
4.05% Notes due 2021	500		499
3.875% Euro denominated notes due 2021 (b)	723		711
3.00% Notes due 2021	499		499
0.250% Euro denominated notes due 2022 (b)	1,178		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)	802		776
5.875% GBP denominated notes due 2023 (b)	437		456
1.20% Euro denominated notes due 2024	643		615
1.875% Euro denominated notes due 2024 (b)	375		361
2.65% Notes due 2025	398		398
1.625% Euro denominated notes due 2025	582		556
3.20% Notes due 2026	725		725
3.434% Notes due 2026	196		196
1.652% Euro denominated notes due 2027	97		93
0.250% Euro denominated notes due 2027 (c)	877		—
1.00% Euro denominated notes due 2028 (b)	927		872
1.10% Notes due 2030 (d)	695		—
1.90% Euro denominated notes due 2030	122		118
0.550% Euro denominated notes due 2032 (c)	872		—
3.55% Notes due 2042	664		662
2.00% Notes due 2050 (d)	296		—
Other	10		10
International bank borrowings	355		309
Obligations under finance leases	150		149
	13,779		12,224
Less: current portion of long-term debt	(1,820)		(1,531)
Total long-term debt	11,959		10,693
Total debt	$	17,803	$	13,956

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

(b)September 30, 2020 and December 31, 2019 included a cumulative $22 million and $38 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 5 for additional information.

(c)In May 2020, Linde issued €750 million of 0.250% notes due 2027 and €750 million of 0.550% notes due 2032.

(d)In August 2020, Linde issued $700 million of 1.100% notes due 2030 and $300 million of 2.000% notes due 2050.

(e)In September 2020, the company repaid €1,000 million of 1.75% notes and $300 million of 2.25% notes that became due.

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 September 30, 2020.