Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of Linde's outstanding debt at March 31, 2026 and December 31, 2025:

(Millions of dollars)		March 31, 2026		December 31, 2025
SHORT-TERM
Commercial paper		$	4,512	$	4,226
Other bank borrowings (primarily non U.S.)		310		284
Total short-term debt		4,822		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 2026	809		822
3.434%	Notes due 2026	200		200
1.652%	Euro denominated notes due 2027	93		95
0.250%	Euro denominated notes due 2027	866		880
1.00%	Euro denominated notes due 2027	580		589
2.226%	Euro denominated notes due 2027 (c)	693		705
1.00%	Euro denominated notes due 2028 (d)	842		854
3.00%	Euro denominated notes due 2028	807		820
3.375%	Euro denominated notes due 2029	864		878
2.625%	Euro denominated notes due 2029	978		994
0.6150%	Swiss franc denominated notes due 2029	281		283
1.10%	Notes due 2030	698		698
1.90%	Euro denominated notes due 2030	118		120
3.375%	Euro denominated notes due 2030	863		877
1.375%	Euro denominated notes due 2031	870		884
3.20%	Euro denominated notes due 2031	980		997
0.550%	Euro denominated notes due 2032	863		877
3.125%	Euro denominated notes due 2032	744		759
0.375%	Euro denominated notes due 2033	573		582
3.00%	Euro denominated notes due 2033	862		877
1.0629%	Swiss franc denominated notes due 2033	343		346
3.625%	Euro denominated notes due 2034	748		760
3.50%	Euro denominated notes due 2034	860		874
1.625%	Euro denominated notes due 2035	919		934
3.40%	Euro denominated notes due 2036	803		816
3.250%	Euro denominated notes due 2037	744		756
3.750%	Euro denominated notes due 2038	571		582
3.55%	Notes due 2042	666		666
3.75%	Euro denominated notes due 2044	797		810
2.00%	Notes due 2050	297		297
1.00%	Euro denominated notes due 2051	791		805
Non U.S. borrowings		362		307
Other		10		10
		21,495		22,479
Less: current portion of long-term debt		(1,636)		(1,796)
Total long-term debt		19,859		20,683
Total debt		$	26,317	$	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)March 31, 2026 and December 31, 2025 included a cumulative $22 million and $25 million adjustment to carrying value, respectively, related to hedge accounting of terminated interest rate swaps. Refer to Note 4.

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 March 31, 2026.

The weighted-average interest rates of short-term borrowings outstanding were 3.0% as of March 31, 2026 and December 31, 2025.