v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of Linde's outstanding debt at June 30, 2026 and December 31, 2025:
(Millions of dollars)June 30, 2026December 31, 2025
SHORT-TERM
Commercial paper$4,531 $4,226 
Other bank borrowings (primarily non-U.S.)330 284 
Total short-term debt4,861 4,510 
LONG-TERM (a)
(U.S. dollar denominated unless otherwise noted)
3.20%Notes due 2026 (b)— 725 
0.00%Euro denominated notes due 2026799 822 
3.434%Notes due 2026200 200 
1.652%Euro denominated notes due 202792 95 
0.250%Euro denominated notes due 2027856 880 
1.00%Euro denominated notes due 2027574 589 
2.439%Euro denominated notes due 2027 (c)685 705 
1.00%Euro denominated notes due 2028 (d)836 854 
2.604%Euro denominated notes due 2028 (c) (e)685 — 
3.00%Euro denominated notes due 2028798 820 
3.375%Euro denominated notes due 2029854 878 
2.625%Euro denominated notes due 2029968 994 
0.6150%Swiss franc denominated notes due 2029278 283 
1.10%Notes due 2030698 698 
1.90%Euro denominated notes due 2030117 120 
3.200%Euro denominated notes due 2030 (e)569 — 
3.375%Euro denominated notes due 2030853 877 
1.375%Euro denominated notes due 2031861 884 
3.20%Euro denominated notes due 2031969 997 
0.550%Euro denominated notes due 2032853 877 
3.125%Euro denominated notes due 2032736 759 
0.375%Euro denominated notes due 2033566 582 
3.00%Euro denominated notes due 2033853 877 
1.0629%Swiss franc denominated notes due 2033339 346 
3.625%Euro denominated notes due 2034740 760 
3.50%Euro denominated notes due 2034850 874 
1.625%Euro denominated notes due 2035909 934 
3.40%Euro denominated notes due 2036794 816 
3.800%Euro denominated notes due 2036 (e)567 — 
3.250%Euro denominated notes due 2037736 756 
3.750%Euro denominated notes due 2038565 582 
3.55%Notes due 2042666 666 
3.75%Euro denominated notes due 2044788 810 
2.00%Notes due 2050297 297 
1.00%Euro denominated notes due 2051782 805 
Non-U.S. borrowings419 307 
Other— 10 
23,152 22,479 
Less: current portion of long-term debt(2,474)(1,796)
Total long-term debt20,678 20,683 
Total debt$28,013 $26,989 
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.
(b)In January 2026, Linde repaid $725 million of 3.20% notes that became due.
(c)Floating-rate notes that reset quarterly at three-month EURIBOR plus a fixed spread.
(d)June 30, 2026 and December 31, 2025 included a cumulative $19 million and $25 million adjustment to carrying value, respectively, related to hedge accounting of terminated interest rate swaps. Refer to Note 4.
(e)In May 2026, Linde issued three tranches of Euro-denominated notes consisting of: €600 million of floating-rate notes due in 2028, bearing interest at three-month EURIBOR plus a fixed spread and resetting quarterly (2.604% as of June 30, 2026), €500 million of 3.200% notes due in 2030, and €500 million of 3.800% notes due in 2036.

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 2, 2026, respectively. There are no financial maintenance covenants contained within the credit agreements. No borrowings were outstanding under the credit agreements as of June 30, 2026.
The weighted-average interest rates of short-term borrowings outstanding were 3.1% and 3.0% as of June 30, 2026 and December 31, 2025, respectively.