Debt and Interest Expense (Tables)

6 Months Ended

Jun. 30, 2022

The following table presents the outstanding debt:


	June 30, 2022						December 31, 2021
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

Finance lease liabilities	2,613		2,613		2,613		3,794		3,794		3,794
Total short-term debt	$	2,613	$	2,613	$	2,613	$	506,040	$	505,932	$	508,947

Long-term debt
Floating-Rate Senior Notes due 2023	$	213,138	$	212,879	$	212,387	$	213,138	$	212,642	$	213,072
3.100% Senior Notes due 2025	730,706		727,322		679,964		732,106		728,096		764,815
3.950% Senior Notes due 2025	399,163		396,372		377,181		399,163		395,928		418,506
4.650% Senior Notes due 2026	474,242		471,892		446,852		474,242		471,629		516,473
4.500% Senior Notes due 2028	400,000		396,418		362,556		400,000		396,145		437,673
4.750% Senior Notes due 2028	400,000		397,137		366,112		400,000		396,938		444,550
4.050% Senior Notes due 2030	1,200,000		1,190,835		1,043,296		1,200,000		1,190,339		1,323,595
5.450% Senior Notes due 2044	600,000		593,806		499,525		600,000		593,733		717,804
5.300% Senior Notes due 2048	700,000		687,378		566,236		700,000		687,265		844,223
5.500% Senior Notes due 2048	350,000		342,720		288,601		350,000		342,659		418,907
5.250% Senior Notes due 2050	1,000,000		983,824		809,805		1,000,000		983,709		1,183,514
RCF	255,000		255,000		255,000		—		—		—
Finance lease liabilities	540		540		540		1,533		1,533		1,533
Total long-term debt	$	6,722,789	$	6,656,123	$	5,908,055	$	6,470,182	$	6,400,616	$	7,284,665

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

10. DEBT AND INTEREST EXPENSE

Debt activity. The following table presents the debt activity for the six months ended June 30, 2022:


thousands	Carrying Value











Balance at December 31, 2021	$	6,906,548
RCF borrowings	635,000
Repayments of RCF borrowings	(380,000)

Repayment of 4.000% Senior Notes due 2022	(502,246)

Repayment of 3.100% Senior Notes due 2025	(1,400)


Finance lease liabilities	(2,172)
Other	3,006
Balance at June 30, 2022	$	6,658,736

The following table summarizes the amounts included in interest expense:



	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2022		2021		2022		2021

Long-term and short-term debt	$	(78,577)	$	(92,487)	$	(162,005)	$	(188,209)
Finance lease liabilities	(31)		(292)		(73)		(590)
Commitment fees and amortization of debt-related costs	(3,068)		(3,179)		(6,100)		(6,517)
Capitalized interest	904		668		1,951		1,533


Interest expense	$	(80,772)	$	(95,290)	$	(166,227)	$	(193,783)