Debt

12 Months Ended

Dec. 31, 2020

DEBT

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


(Millions of dollars)	2020		2019
Short-term
Commercial paper	$	2,527	$	996
Other borrowings (primarily international)	724		736
Total short-term debt	3,251		1,732
Long-term (a)
(U.S. dollar denominated unless otherwise noted)
2.25% Notes due 2020 (b)	—		300
1.75% Euro denominated notes due 2020 (b, c)	—		1,137
0.634% Euro denominated notes due 2020	—		56
4.05% Notes due 2021 (d)	—		499
3.875% Euro denominated notes due 2021 (c)	748		711
3.00% Notes due 2021 (d)	—		499
0.250% Euro denominated notes due 2022 (c)	1,226		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 (c)	832		776
5.875% GBP denominated notes due 2023 (c)	460		456
1.20% Euro denominated notes due 2024	671		615
1.875% Euro denominated notes due 2024 (c)	389		361
2.65% Notes due 2025	398		398
1.625% Euro denominated notes due 2025	607		556
3.20% Notes due 2026	725		725
3.434% Notes due 2026	196		196
1.652% Euro denominated notes due 2027	100		93
0.250% Euro denominated notes due 2027 (e)	914		—
1.00% Euro denominated notes due 2028 (c)	966		872
1.10% Notes due 2030 (f)	696		—
1.90% Euro denominated notes due 2030	127		118
0.550% Euro denominated notes due 2032 (e)	909		—
3.55% Notes due 2042	664		662
2.00% Notes due 2050 (f)	296		—
International borrowings	372		309
Other	10		159


	12,903		12,224
Less: current portion of long-term debt	(751)		(1,531)
Total long-term debt	12,152		10,693
Total debt	$	16,154	$	13,956

________________________

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

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

(c)December 31, 2020 and 2019 included a cumulative $79 million and $38 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps.

(d)In December 2020, the company repaid $500 million of 4.05% notes and $500 million of 3.00% notes that were due in 2021 resulting in a $16 million interest charge.

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

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

Credit Facilities

On March 26, 2019 the company and certain of its subsidiaries entered into an unsecured revolving credit agreement ("the Credit Agreement") with a syndicate of banking institutions, which became effective on March 29, 2019. The Credit Agreement provides for total commitments of $5.0 billion, which may be increased up to $6.5 billion, subject to receipt of additional commitments and satisfaction of customary conditions. There are no financial maintenance covenants contained within the Credit Agreement. The revolving credit facility expires on March 26, 2024 with the option to request two one-year extensions of the expiration date. In connection with the effectiveness of the Credit Agreement, Praxair and Linde AG terminated their major respective existing revolving credit facilities. No borrowings were outstanding under the Credit Agreement as of December 31, 2020.

On September 3, 2019 Linde and the company’s subsidiaries Linde, Inc. and Linde GmbH entered into a series of parent and subsidiary guarantees related to currently outstanding notes as well as the $5 billion Credit Agreement.

Other Debt Information

As of December 31, 2020 and 2019, the weighted-average interest rate of short-term borrowings outstanding was 0.0% and 0.6%, respectively.

Expected maturities of long-term debt are as follows:


(Millions of dollars)
2021	$	751
2022	2,440
2023	1,853
2024	1,067
2025	1,083
Thereafter	5,709
	$	12,903

As of December 31, 2020, the amount of Linde's assets pledged as collateral was immaterial.

See Note 13 for the fair value information related to debt.