Debt and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	March 31, 2024						December 31, 2023
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
Commercial paper	$	100,000	$	99,933	$	99,933	$	613,885	$	610,312	$	610,312
Finance lease liabilities	8,461		8,461		8,461		7,436		7,436		7,436
Total short-term debt	$	108,461	$	108,394	$	108,394	$	621,321	$	617,748	$	617,748
Long-term debt
3.100% Senior Notes due 2025	$	663,831	$	662,804	$	649,658	$	666,481	$	665,145	$	650,765
3.950% Senior Notes due 2025	348,645		347,631		341,763		349,163		347,938		341,415
4.650% Senior Notes due 2026	467,204		465,848		458,425		467,204		465,705		459,617
4.500% Senior Notes due 2028	350,175		347,923		338,199		357,094		354,665		346,121
4.750% Senior Notes due 2028	381,848		379,816		370,935		382,888		380,747		374,767
6.350% Senior Notes due 2029	600,000		593,364		622,248		600,000		593,069		626,994
4.050% Senior Notes due 2030	1,100,612		1,093,906		1,025,726		1,104,593		1,097,609		1,036,097
6.150% Senior Notes due 2033	750,000		741,302		769,373		750,000		741,125		780,203
5.450% Senior Notes due 2044	600,000		594,070		551,802		600,000		594,031		545,154
5.300% Senior Notes due 2048	700,000		687,798		611,492		700,000		687,735		614,082
5.500% Senior Notes due 2048	350,000		342,947		310,674		350,000		342,913		312,365
5.250% Senior Notes due 2050	1,000,000		984,276		895,150		1,000,000		984,206		895,440
Finance lease liabilities	30,394		30,394		30,394		28,668		28,668		28,668
Total long-term debt	$	7,342,709	$	7,272,079	$	6,975,839	$	7,356,091	$	7,283,556	$	7,011,688

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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 three months ended March 31, 2024:

thousands	Carrying Value
Balance at December 31, 2023	$	7,901,304
Commercial paper borrowings (repayments), net (1)	(510,379)
Repayment of 3.100% Senior Notes due 2025	(2,650)
Repayment of 3.950% Senior Notes due 2025	(518)
Repayment of 4.500% Senior Notes due 2028	(6,919)
Repayment of 4.750% Senior Notes due 2028	(1,040)
Repayment of 4.050% Senior Notes due 2030	(3,981)
Finance lease liabilities	2,751
Other	1,905
Balance at March 31, 2024	$	7,380,473

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(1)Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less.

Interest Expense Table

The following table summarizes the amounts included in interest expense:

	Three Months Ended  March 31,
thousands	2024		2023
Long-term and short-term debt	$	(95,956)	$	(81,151)
Finance lease liabilities	(677)		(163)
Commitment fees and amortization of debt-related costs	(3,200)		(2,881)
Capitalized interest	5,327		2,525
Interest expense	$	(94,506)	$	(81,670)