Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2022

The following table presents the outstanding debt:


	September 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	2,030		2,030		2,030		3,794		3,794		3,794
Total short-term debt	$	2,030	$	2,030	$	2,030	$	506,040	$	505,932	$	508,947

Long-term debt
Floating-Rate Senior Notes due 2023	$	213,138	$	213,000	$	211,778	$	213,138	$	212,642	$	213,072
3.100% Senior Notes due 2025	730,706		727,637		680,853		732,106		728,096		764,815
3.950% Senior Notes due 2025	399,163		396,598		373,318		399,163		395,928		418,506
4.650% Senior Notes due 2026	474,242		472,027		441,417		474,242		471,629		516,473
4.500% Senior Notes due 2028	400,000		396,557		357,866		400,000		396,145		437,673
4.750% Senior Notes due 2028	400,000		397,237		363,431		400,000		396,938		444,550
4.050% Senior Notes due 2030	1,200,000		1,191,089		1,022,784		1,200,000		1,190,339		1,323,595
5.450% Senior Notes due 2044	600,000		593,842		497,942		600,000		593,733		717,804
5.300% Senior Notes due 2048	700,000		687,435		575,740		700,000		687,265		844,223
5.500% Senior Notes due 2048	350,000		342,751		285,661		350,000		342,659		418,907
5.250% Senior Notes due 2050	1,000,000		983,884		811,100		1,000,000		983,709		1,183,514
RCF	625,000		625,000		625,000		—		—		—
Finance lease liabilities	304		304		304		1,533		1,533		1,533
Total long-term debt	$	7,092,553	$	7,027,361	$	6,247,194	$	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 nine months ended September 30, 2022:


thousands	Carrying Value











Balance at December 31, 2021	$	6,906,548
RCF borrowings	1,390,000
Repayments of RCF borrowings	(765,000)

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

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


Finance lease liabilities	(2,992)
Other	4,481
Balance at September 30, 2022	$	7,029,391

The following table summarizes the amounts included in interest expense:



	Three Months Ended September 30,				Nine Months Ended September 30,
thousands	2022		2021		2022		2021

Long-term and short-term debt	$	(81,554)	$	(90,913)	$	(243,559)	$	(279,122)
Finance lease liabilities	(23)		(218)		(96)		(808)
Commitment fees and amortization of debt-related costs	(3,049)		(3,147)		(9,149)		(9,664)
Capitalized interest	1,520		1,021		3,471		2,554


Interest expense	$	(83,106)	$	(93,257)	$	(249,333)	$	(287,040)