The following is a summary of Linde's outstanding debt at March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | (Millions of dollars) | March 31,
2024 | | December 31,
2023 | | SHORT-TERM | | | | | Commercial paper | $ | 3,784 | | | $ | 4,483 | | | Other bank borrowings (primarily non U.S.) | 262 | | | 230 | | | Total short-term debt | 4,046 | | | 4,713 | | | LONG-TERM (a) | | | | | (U.S. dollar denominated unless otherwise noted) | | | | 1.20% Euro denominated notes due 2024 (b) | — | | | 607 | | 1.875% Euro denominated notes due 2024 (c) | 324 | | | 332 | | 4.800% Notes due 2024 | 300 | | | 300 | | 4.700% Notes due 2025 | 599 | | | 599 | | 2.65% Notes due 2025 | 399 | | | 399 | | 1.625% Euro denominated notes due 2025 | 537 | | | 550 | | 3.625% Euro denominated notes due 2025 | 539 | | | 551 | | 0.00% Euro denominated notes due 2026 | 757 | | | 774 | | 3.20% Notes due 2026 | 724 | | | 724 | | 3.434% Notes due 2026 | 198 | | | 198 | | 1.652% Euro denominated notes due 2027 | 87 | | | 90 | | 0.25% Euro denominated notes due 2027 | 808 | | | 827 | | 1.00% Euro denominated notes due 2027 | 541 | | | 553 | | 1.00% Euro denominated notes due 2028 (c) | 765 | | | 780 | | 3.00% Euro denominated notes due 2028 (d) | 752 | | | — | | 3.375% Euro denominated notes due 2029 | 805 | | | 824 | | 1.10% Notes due 2030 | 697 | | | 697 | | 1.90% Euro denominated notes due 2030 | 111 | | | 114 | | 1.375% Euro denominated notes due 2031 | 811 | | | 829 | | 3.20% Euro denominated notes due 2031 (d) | 915 | | | — | | 0.55% Euro denominated notes due 2032 | 805 | | | 823 | | 0.375% Euro denominated notes due 2033 | 534 | | | 546 | | 3.625% Euro denominated notes due 2034 | 698 | | | 714 | | 1.625% Euro denominated notes due 2035 | 857 | | | 876 | | 3.40% Euro denominated notes due 2036 (d) | 748 | | | — | | 3.55% Notes due 2042 | 666 | | | 666 | | 2.00% Notes due 2050 | 296 | | | 296 | | 1.00% Euro denominated notes due 2051 | 738 | | | 755 | | | Non U.S. borrowings | 252 | | | 226 | | | Other | 10 | | | 10 | | | 16,273 | | | 14,660 | | | Less: current portion of long-term debt | (1,046) | | | (1,263) | | | Total long-term debt | 15,227 | | | 13,397 | | | Total debt | $ | 20,319 | | | $ | 19,373 | |
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable. (b)In February 2024, Linde repaid €550 million of 1.20% notes that became due. (c)March 31, 2024 and December 31, 2023 included a cumulative $41 million and $46 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 4. (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.
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