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SHORT AND LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
December 31,
Maturity Date20202019
2.900% Notes (1)
May 15, 2020$— $350,000 
4.125% Notes (1)
December 1, 2020— 350,000 
8.800% Debentures
February 15, 202184,715 84,715 
3.100% Notes
May 15, 2021350,000 350,000 
2.625% Notes
May 1, 2023250,000 250,000 
3.375% Notes
May 15, 2023500,000 500,000 
2.050% Notes (3)
November 15, 2024300,000 300,000 
0.900% Notes (2)
June 1, 2025300,000 — 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
2.450% Notes (3)
November 15, 2029300,000 300,000 
1.700% Notes (2)
June 1, 2030350,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes (3)
November 15, 2049400,000400,000
2.650% Notes (2)
June 1, 2050350,000—
Finance lease obligations (see Note 7)
80,75579,643
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(30,525)(23,794)
Total long-term debt4,528,584 4,234,203 
Less—current portion438,829703,390
Long-term portion$4,089,755 $3,530,813 
(1)In May 2020, we repaid $350,000 of 2.900% Notes due upon their maturity. In December 2020, we repaid $350,000 of 4.125% Notes due upon their maturity.
(2)During the second quarter of 2020, we issued $300,000 of 0.900% Notes due in 2025, $350,000 of 1.700% Notes due in 2030 and $350,000 of 2.650% Notes due in 2050 (the "2020 Notes"). Proceeds from the issuance of the 2020 Notes, net of discounts and issuance costs, totaled $989,876. The 2020 Notes were issued under a shelf registration statement on Form S-3 filed in May 2018 that registered an indeterminate amount of debt securities.
(3)In October 2019, we issued $300,000 of 2.05% Notes due in 2024, $300,000 of 2.45% Notes due in 2029 and $400,000 of 3.125% Notes due in 2049 (the "2019 Notes"). Proceeds from the issuance of the 2019 Notes, net of discounts and issuance costs, totaled $990,337. The 2019 Notes were issued under a shelf registration statement on Form S-3 filed in May 2018 that registered an indeterminate amount of debt securities.
Schedule of Maturities of Long-term Debt
Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:
2021$434,715 
2022— 
2023750,000 
2024300,000 
2025600,000 
Thereafter2,393,639 
Schedule of Net Interest Expense
Net interest expense consists of the following:
For the years ended December 31,202020192018
Interest expense$160,204 $157,707 $151,950 
Capitalized interest
(6,733)(5,585)(5,092)
Interest expense
153,471 152,122 146,858 
Interest income(4,097)(7,997)(8,021)
Interest expense, net
$149,374 $144,125 $138,837