v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
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 debt4,879 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. borrowings276 214 
Other10 10 
21,041 17,400 
Less: current portion of long-term debt(1,340)(2,057)
Total long-term debt19,701 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.

The company maintains a $5 billion and a $1.5 billion unsecured revolving credit agreement with a syndicate of banking institutions that expire on December 7, 2027 and December 3, 2025, respectively. There are no financial maintenance covenants contained within the credit agreements. No borrowings were outstanding under the credit agreements as of June 30, 2025.
The weighted-average interest rates of short-term borrowings outstanding were 3.4% and 3.8% as of June 30, 2025 and December 31, 2024, respectively.