Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2021

The following table presents the outstanding debt:


	December 31, 2021						December 31, 2020
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
4.000% Senior Notes due 2022	$	502,246	$	502,138	$	505,153	$	—	$	—	$	—
5.375% Senior Notes due 2021	—		—		—		431,081		430,606		436,241

Finance lease liabilities	3,794		3,794		3,794		8,264		8,264		8,264
Total short-term debt	$	506,040	$	505,932	$	508,947	$	439,345	$	438,870	$	444,505

Long-term debt
4.000% Senior Notes due 2022	$	—	$	—	$	—	$	580,917	$	580,555	$	597,568
Floating-Rate Senior Notes due 2023	213,138		212,642		213,072		239,978		238,879		235,066
3.100% Senior Notes due 2025	732,106		728,096		764,815		1,000,000		992,900		1,028,614
3.950% Senior Notes due 2025	399,163		395,928		418,506		500,000		494,866		512,807
4.650% Senior Notes due 2026	474,242		471,629		516,473		500,000		496,708		524,880
4.500% Senior Notes due 2028	400,000		396,145		437,673		400,000		395,617		415,454
4.750% Senior Notes due 2028	400,000		396,938		444,550		400,000		396,555		418,786
4.050% Senior Notes due 2030	1,200,000		1,190,339		1,323,595		1,200,000		1,189,407		1,342,996
5.450% Senior Notes due 2044	600,000		593,733		717,804		600,000		593,598		607,234
5.300% Senior Notes due 2048	700,000		687,265		844,223		700,000		687,048		694,172
5.500% Senior Notes due 2048	350,000		342,659		418,907		350,000		342,543		343,928
5.250% Senior Notes due 2050	1,000,000		983,709		1,183,514		1,000,000		983,512		1,100,375
Finance lease liabilities	1,533		1,533		1,533		23,644		23,644		23,644
Total long-term debt	$	6,470,182	$	6,400,616	$	7,284,665	$	7,494,539	$	7,415,832	$	7,845,524

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(1)Fair value is measured using the market approach and Level-2 fair value inputs.

13. DEBT AND INTEREST EXPENSE

Debt activity. The following table presents the debt activity for the years ended December 31, 2021and 2020:


thousands	Carrying Value
Balance at December 31, 2019	$	7,959,438
RCF borrowings	220,000
Issuance of Floating-Rate Senior Notes due 2023	300,000
Issuance of 3.100% Senior Notes due 2025	1,000,000
Issuance of 4.050% Senior Notes due 2030	1,200,000
Issuance of 5.250% Senior Notes due 2050	1,000,000
Finance lease liabilities	24,035
Repayments of RCF borrowings	(600,000)
Repayment of Term loan facility borrowings	(3,000,000)
Repayment of 5.375% Senior Notes due 2021	(68,919)
Repayment of 4.000% Senior Notes due 2022	(89,083)
Repayment of Floating-Rate Senior Notes due 2023	(60,022)
Other	(30,747)
Balance at December 31, 2020	$	7,854,702
RCF borrowings	480,000
Repayments of RCF borrowings	(480,000)
Repayment of 5.375% Senior Notes due 2021	(431,081)
Repayment of 4.000% Senior Notes due 2022	(78,671)
Repayment of Floating-Rate Senior Notes due 2023	(26,840)
Repayment of 3.100% Senior Notes due 2025	(267,894)
Repayment of 3.950% Senior Notes due 2025	(100,837)
Repayment of 4.650% Senior Notes due 2026	(25,758)
Finance lease liabilities	(26,582)
Other	9,509
Balance at December 31, 2021	$	6,906,548

The following table summarizes the amounts included in interest expense:


	Year Ended December 31,

thousands	2021		2020		2019
Third parties
Long-term and short-term debt	$	(366,570)	$	(369,815)	$	(315,872)
Finance lease liabilities	(861)		(1,510)		—
Commitment fees and amortization of debt-related costs	(12,705)		(13,501)		(12,424)
Capitalized interest	3,624		4,774		26,980
Total interest expense – third parties	(376,512)		(380,052)		(301,316)
Related parties
APCWH Note Payable	—		—		(1,833)
Finance lease liabilities	—		(6)		(137)
Total interest expense – related parties	—		(6)		(1,970)
Interest expense	$	(376,512)	$	(380,058)	$	(303,286)