Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	March 31, 2025						December 31, 2024
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
Senior Notes	$	336,758	$	336,594	$	336,118	$	1,000,589	$	1,000,076	$	997,666
Finance lease liabilities	14,003		14,003		14,003		10,956		10,956		10,956
Total short-term debt	$	350,761	$	350,597	$	350,121	$	1,011,545	$	1,011,032	$	1,008,622
Long-term debt
Senior Notes (2)	$	6,976,834	$	6,904,841	$	6,604,266	$	6,976,834	$	6,903,318	$	6,548,127
Finance lease liabilities	20,192		20,192		20,192		23,329		23,329		23,329
Total long-term debt	$	6,997,026	$	6,925,033	$	6,624,458	$	7,000,163	$	6,926,647	$	6,571,456

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

(2)As of March 31, 2025, maturity dates range from 2026 to 2050.

Debt activity. The following table presents the debt activity for the three months ended March 31, 2025:

thousands	Carrying Value
Balance at December 31, 2024	$	7,937,679
Repayment of 3.100% Senior Notes due 2025	(663,831)
Finance lease liabilities	(90)
Other	1,872
Balance at March 31, 2025	$	7,275,630