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Debt | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt | DEBT The following is a summary of Linde’s outstanding debt at December 31, 2023 and 2022:
(Millions of dollars) | December 31, 2023 |  | December 31, 2022
SHORT-TERM |  |  |
Commercial paper | $ | 4,483 |  |  | $ | 3,926 |
Other borrowings (primarily non U.S.) | 230 |  |  | 191 |
Total short-term debt | 4,713 |  |  | 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 (d) | — |  |  | 699 |
5.875% GBP denominated notes due 2023 (d) | — |  |  | 367 |
1.20% Euro denominated notes due 2024 | 607 |  |  | 588 |
1.875% Euro denominated notes due 2024 (b) | 332 |  |  | 324 |
4.800% Notes due 2024 | 300 |  |  | 299 |
4.700% Notes due 2025 | 599 |  |  | 598 |
2.65% Notes due 2025 | 399 |  |  | 400 |
1.625% Euro denominated notes due 2025 | 550 |  |  | 533 |
3.625% Euro denominated notes due 2025 (e) | 551 |  |  | — |
0.00% Euro denominated notes due 2026 | 774 |  |  | 751 |
3.20% Notes due 2026 | 724 |  |  | 724 |
3.434% Notes due 2026 | 198 |  |  | 198 |
1.652% Euro denominated notes due 2027 | 90 |  |  | 88 |
0.250% Euro denominated notes due 2027 | 827 |  |  | 802 |
1.00% Euro denominated notes due 2027 | 553 |  |  | 536 |
1.00% Euro denominated notes due 2028 (b) | 780 |  |  | 749 |
3.375% Euro denominated notes due 2029 (e) | 824 |  |  | — |
1.10% Notes due 2030 | 697 |  |  | 696 |
1.90% Euro denominated notes due 2030 | 114 |  |  | 111 |
1.375% Euro denominated notes due 2031 | 829 |  |  | 803 |
0.550% Euro denominated notes due 2032 | 823 |  |  | 798 |
0.375% Euro denominated notes due 2033 | 546 |  |  | 529 |
3.625% Euro denominated notes due 2034 (e) | 714 |  |  | — |
1.625% Euro denominated notes due 2035 | 876 |  |  | 849 |
3.55% Notes due 2042 | 666 |  |  | 665 |
2.00% Notes due 2050 | 296 |  |  | 296 |
1.00% Euro denominated notes due 2051 | 755 |  |  | 731 |
Non U.S. borrowings | 226 |  |  | 152 |
Other | 10 |  |  | 10 |
| 14,660 |  |  | 13,797 |
Less: current portion of long-term debt | (1,263) |  |  | (1,599) |
Total long-term debt | 13,397 |  |  | 12,198 |
Total debt | $ | 19,373 |  |  | $ | 17,914 |
________________________ (a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable. (b)December 31, 2023 and December 31, 2022 included a cumulative $46 million and $56 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps, including related terminations. Refer to Note 12. (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. Credit Facilities On December 7, 2022, the company and certain of its subsidiaries entered into an amended and restated unsecured revolving credit agreement (the “Five Year Credit Agreement”) with a syndicate of banking institutions. The Five Year 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 December 7, 2027 with the option to request two one-year extensions of the expiration date. In addition, on December 6, 2023, the company and certain of its subsidiaries entered into an unsecured 364-day revolving credit agreement (the “364-Day Credit Agreement” and, together with the Five Year Credit Agreement, the “Credit Agreements”) with a syndicate of banking institutions. The 364-Day Credit Agreement provides for total commitments of $1.5 billion. There are no financial maintenance covenants contained within the Credit Agreement. The 364-Day Credit Agreement expires on December 4, 2024 with the option to elect to have the entire principal balances outstanding under the Credit Agreement converted into non-revolving term loans, which will be due and payable one year after the commitment termination date. No borrowings were outstanding under the Credit Agreements as of December 31, 2023. Other Debt Information The weighted-average interest rates of short-term borrowings outstanding were 4.8% and 3.2% as of December 31, 2023 and 2022, respectively. Expected maturities of long-term debt are as follows:
(Millions of dollars) |  |
2024 | $ | 1,263 |  |
2025 | 2,113 |  |
2026 | 1,733 |  |
2027 | 1,500 |  |
2028 | 835 |  |
Thereafter | 7,216 |  |
| $ | 14,660 |  |
As of December 31, 2023, the amount of Linde's assets pledged as collateral was immaterial. See Note 13 for the fair value information related to debt.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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