Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following is a summary of Linde's outstanding debt at September 30, 2025 and December 31, 2024:

(Millions of dollars)	September 30, 2025		December 31, 2024
SHORT-TERM
Commercial paper	$	4,730	$	3,964
Other bank borrowings (primarily non U.S.)	232		259
Total short-term debt	4,962		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	587		517
0.00% Euro denominated notes due 2026	822		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	880		776
1.00% Euro denominated notes due 2027	589		519
1.00% Euro denominated notes due 2028 (b)	850		742
3.00% Euro denominated notes due 2028	819		722
3.375% Euro denominated notes due 2029	877		773
2.625% Euro denominated notes due 2029 (c)	993		—
0.6150% Swiss franc denominated notes due 2029 (e)	281		—
1.10% Notes due 2030	697		697
1.90% Euro denominated notes due 2030	120		106
3.375% Euro denominated notes due 2030	876		772
1.375% Euro denominated notes due 2031	883		779
3.20% Euro denominated notes due 2031	996		878
0.550% Euro denominated notes due 2032	876		772
0.375% Euro denominated notes due 2033	582		512
3.00% Euro denominated notes due 2033 (c)	876		—
1.0629% Swiss franc denominated notes due 2033 (e)	343		—
3.625% Euro denominated notes due 2034	760		670
3.50% Euro denominated notes due 2034	873		769
1.625% Euro denominated notes due 2035	933		822
3.40% Euro denominated notes due 2036	815		718
3.250% Euro denominated notes due 2037 (c)	756		—
3.55% Notes due 2042	666		666
3.75% Euro denominated notes due 2044	809		712
2.00% Notes due 2050	297		297
1.00% Euro denominated notes due 2051	804		707
Non U.S. borrowings	274		214
Other	10		10
	20,963		17,400
Less: current portion of long-term debt	(2,371)		(2,057)
Total long-term debt	18,592		15,343
Total debt	$	25,925	$	21,623

(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.

(b)September 30, 2025 and December 31, 2024 included a cumulative $28 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, and €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.