The following is a summary of Linde's outstanding debt at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | (Millions of dollars) | June 30,
2025 | | December 31,
2024 | | SHORT-TERM | | | | | Commercial paper | $ | 4,617 | | | $ | 3,964 | | | Other bank borrowings (primarily non U.S.) | 262 | | | 259 | | | Total short-term debt | 4,879 | | | 4,223 | | | LONG-TERM (a) | | | | | (U.S. dollar denominated unless otherwise noted) | | | | 4.700% Notes due 2025 (d) | — | | | 599 | | 2.65% Notes due 2025 (d) | — | | | 400 | | 3.625% Euro denominated notes due 2025 (f) | — | | | 517 | | 1.625% Euro denominated notes due 2025 | 589 | | | 517 | | 0.00% Euro denominated notes due 2026 | 826 | | | 726 | | 3.20% Notes due 2026 | 725 | | | 725 | | 3.434% Notes due 2026 | 199 | | | 199 | | 1.652% Euro denominated notes due 2027 | 95 | | | 84 | | 0.25% Euro denominated notes due 2027 | 882 | | | 776 | | 1.00% Euro denominated notes due 2027 | 591 | | | 519 | | 1.00% Euro denominated notes due 2028 (b) | 851 | | | 742 | | 3.00% Euro denominated notes due 2028 | 823 | | | 722 | | 3.375% Euro denominated notes due 2029 | 881 | | | 773 | | 2.625% Euro denominated notes due 2029 (c) | 997 | | | — | | 0.6150% Swiss franc denominated notes due 2029 (e) | 283 | | | — | | 1.10% Notes due 2030 | 697 | | | 697 | | 1.90% Euro denominated notes due 2030 | 121 | | | 106 | | 3.375% Euro denominated notes due 2030 | 880 | | | 772 | | 1.375% Euro denominated notes due 2031 | 887 | | | 779 | | 3.20% Euro denominated notes due 2031 | 1,000 | | | 878 | | 0.550% Euro denominated notes due 2032 | 880 | | | 772 | | 0.375% Euro denominated notes due 2033 | 584 | | | 512 | | 3.00% Euro denominated notes due 2033 (c) | 879 | | | — | | 1.0629% Swiss franc denominated notes due 2033 (e) | 346 | | | — | | 3.625% Euro denominated notes due 2034 | 763 | | | 670 | | 3.50% Euro denominated notes due 2034 | 877 | | | 769 | | 1.625% Euro denominated notes due 2035 | 937 | | | 822 | | 3.40% Euro denominated notes due 2036 | 819 | | | 718 | | 3.250% Euro denominated notes due 2037 (c) | 759 | | | — | | 3.55% Notes due 2042 | 666 | | | 666 | | 3.75% Euro denominated notes due 2044 | 813 | | | 712 | | 2.00% Notes due 2050 | 297 | | | 297 | | 1.00% Euro denominated notes due 2051 | 808 | | | 707 | | | Non U.S. borrowings | 276 | | | 214 | | | Other | 10 | | | 10 | | | 21,041 | | | 17,400 | | | Less: current portion of long-term debt | (1,340) | | | (2,057) | | | Total long-term debt | 19,701 | | | 15,343 | | | Total debt | $ | 25,920 | | | $ | 21,623 | |
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable. (b)June 30, 2025 and December 31, 2024 included a cumulative $31 million and $32 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps. Refer to Note 4. (c)In February 2025, Linde issued €850 million of 2.625% notes due in 2029, €750 million of 3.00% notes due in 2033, €650 million of 3.25% notes due in 2037. (d)In February 2025, Linde redeemed $600 million of 4.700% notes that were due in 2025 and repaid $400 million of 2.65% notes that became due. (e)In June 2025, Linde issued CHF225 million of 0.6150% notes due in 2029 and CHF275 million of 1.0629% notes due in 2033. (f)In June 2025, Linde repaid €500 million of 3.625% notes that became due.
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