Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	December 31, 2024						December 31, 2023
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
Commercial paper	$	—	$	—	$	—	$	613,885	$	610,312	$	610,312
3.100% Senior Notes due 2025	663,831		663,727		662,457		—		—		—
3.950% Senior Notes due 2025	336,758		336,349		335,209		—		—		—
Finance lease liabilities	10,956		10,956		10,956		7,436		7,436		7,436
Total short-term debt	$	1,011,545	$	1,011,032	$	1,008,622	$	621,321	$	617,748	$	617,748
Long-term debt
3.100% Senior Notes due 2025	$	—	$	—	$	—	$	666,481	$	665,145	$	650,765
3.950% Senior Notes due 2025	—		—		—		349,163		347,938		341,415
4.650% Senior Notes due 2026	440,505		439,637		438,699		467,204		465,705		459,617
4.500% Senior Notes due 2028	342,935		341,123		336,207		357,094		354,665		346,121
4.750% Senior Notes due 2028	336,260		334,753		330,483		382,888		380,747		374,767
6.350% Senior Notes due 2029	600,000		594,270		621,936		600,000		593,069		626,994
4.050% Senior Notes due 2030	1,057,134		1,051,440		992,321		1,104,593		1,097,609		1,036,097
6.150% Senior Notes due 2033	750,000		741,857		764,760		750,000		741,125		780,203
5.450% Senior Notes due 2034	800,000		790,511		772,536		—		—		—
5.450% Senior Notes due 2044	600,000		594,192		534,096		600,000		594,031		545,154
5.300% Senior Notes due 2048	700,000		687,990		595,826		700,000		687,735		614,082
5.500% Senior Notes due 2048	350,000		343,051		304,003		350,000		342,913		312,365
5.250% Senior Notes due 2050	1,000,000		984,494		857,260		1,000,000		984,206		895,440
Finance lease liabilities	23,329		23,329		23,329		28,668		28,668		28,668
Total long-term debt	$	7,000,163	$	6,926,647	$	6,571,456	$	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.

13. DEBT AND INTEREST EXPENSE

Debt activity. The following table summarizes debt activity for the periods presented:

thousands	Carrying Value
Balance at December 31, 2022	$	6,785,362
RCF borrowings	1,120,000
Commercial paper borrowings (1)	610,312
Repayments of RCF borrowings	(1,495,000)
Issuance of 6.350% Senior Notes due 2029	600,000
Issuance of 6.150% Senior Notes due 2033	750,000
Repayment of Floating-Rate Senior Notes due 2023	(213,138)
Repayment of 3.100% Senior Notes due 2025	(64,225)
Repayment of 3.950% Senior Notes due 2025	(50,000)
Repayment of 4.650% Senior Notes due 2026	(7,038)
Repayment of 4.500% Senior Notes due 2028	(42,906)
Repayment of 4.750% Senior Notes due 2028	(17,112)
Repayment of 4.050% Senior Notes due 2030	(95,407)
Finance lease liabilities	29,285
Other	(8,829)
Balance at December 31, 2023	$	7,901,304
Commercial paper borrowings (repayments), net (1)	(610,312)
Issuance of 5.450% Senior Notes due 2034	800,000
Repayment of 3.100% Senior Notes due 2025	(2,650)
Repayment of 3.950% Senior Notes due 2025	(12,405)
Repayment of 4.650% Senior Notes due 2026	(26,699)
Repayment of 4.500% Senior Notes due 2028	(14,159)
Repayment of 4.750% Senior Notes due 2028	(46,628)
Repayment of 4.050% Senior Notes due 2030	(47,459)
Finance lease liabilities	(1,819)
Other	(1,494)
Balance at December 31, 2024	$	7,937,679

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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:

	Year Ended December 31,
thousands	2024		2023		2022
Long-term and short-term debt	$	(377,850)	$	(348,393)	$	(326,949)
Finance lease liabilities	(2,573)		(1,083)		(414)
Commitment fees and amortization of debt-related costs	(13,305)		(12,395)		(12,212)
Capitalized interest	15,215		13,643		5,636
Interest expense	$	(378,513)	$	(348,228)	$	(333,939)