Debt and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2023

The following table presents the outstanding debt:


	March 31, 2023						December 31, 2022
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
Floating-Rate Senior Notes due 2023	$	—	$	—	$	—	$	213,138	$	213,121	$	214,823

Finance lease liabilities	2,714		2,714		2,714		2,659		2,659		2,659
Total short-term debt	$	2,714	$	2,714	$	2,714	$	215,797	$	215,780	$	217,482

Long-term debt
3.100% Senior Notes due 2025	$	730,706	$	728,273	$	703,032	$	730,706	$	727,953	$	692,491
3.950% Senior Notes due 2025	399,163		397,056		383,140		399,163		396,825		379,107
4.650% Senior Notes due 2026	474,242		472,299		459,488		474,242		472,161		452,201
4.500% Senior Notes due 2028	400,000		396,840		378,827		400,000		396,698		368,346
4.750% Senior Notes due 2028	400,000		397,443		381,273		400,000		397,340		368,141
4.050% Senior Notes due 2030	1,200,000		1,191,606		1,101,320		1,200,000		1,191,345		1,053,038
5.450% Senior Notes due 2044	600,000		593,915		524,661		600,000		593,878		503,742
5.300% Senior Notes due 2048	700,000		687,553		598,444		700,000		687,494		580,570
5.500% Senior Notes due 2048	350,000		342,815		302,297		350,000		342,783		291,194
5.250% Senior Notes due 2050	1,000,000		984,006		859,814		1,000,000		983,945		829,804
RCF	495,000		495,000		495,000		375,000		375,000		375,000
Finance lease liabilities	7,135		7,135		7,135		4,160		4,160		4,160
Total long-term debt	$	6,756,246	$	6,693,941	$	6,194,431	$	6,633,271	$	6,569,582	$	5,897,794

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

Debt activity. The following table presents the debt activity for the three months ended March 31, 2023:


thousands	Carrying Value







Balance at December 31, 2022	$	6,785,362
RCF borrowings	220,000
Repayments of RCF borrowings	(100,000)

Repayment of Floating-Rate Senior Notes due 2023	(213,138)



Finance lease liabilities	3,030
Other	1,401
Balance at March 31, 2023	$	6,696,655

The following table summarizes the amounts included in interest expense:



	Three Months Ended March 31,
thousands		2023		2022

Long-term and short-term debt		$	(81,151)	$	(83,428)
Finance lease liabilities		(163)		(42)
Commitment fees and amortization of debt-related costs		(2,881)		(3,032)
Capitalized interest		2,525		1,047

Interest expense		$	(81,670)	$	(85,455)