Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2021

The following table presents the outstanding debt:


	September 30, 2021						December 31, 2020
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
4.000% Senior Notes due 2022	$	502,246	$	502,086	$	510,243	$	—	$	—	$	—
5.375% Senior Notes due 2021	—		—		—		431,081		430,606		436,241
RCF	220,000		220,000		220,000		—		—		—
Finance lease liabilities	4,343		4,343		4,343		8,264		8,264		8,264
Total short-term debt	$	726,589	$	726,429	$	734,586	$	439,345	$	438,870	$	444,505

Long-term debt
4.000% Senior Notes due 2022	$	—	$	—	$	—	$	580,917	$	580,555	$	597,568
Floating-Rate Senior Notes due 2023	213,138		212,521		212,773		239,978		238,879		235,066
3.100% Senior Notes due 2025	732,106		727,794		774,328		1,000,000		992,900		1,028,614
3.950% Senior Notes due 2025	399,163		395,708		421,970		500,000		494,866		512,807
4.650% Senior Notes due 2026	474,242		471,500		513,758		500,000		496,708		524,880
4.500% Senior Notes due 2028	400,000		396,010		433,214		400,000		395,617		415,454
4.750% Senior Notes due 2028	400,000		396,840		437,005		400,000		396,555		418,786
4.050% Senior Notes due 2030	1,200,000		1,190,102		1,324,159		1,200,000		1,189,407		1,342,996
5.450% Senior Notes due 2044	600,000		593,699		691,067		600,000		593,598		607,234
5.300% Senior Notes due 2048	700,000		687,210		807,613		700,000		687,048		694,172
5.500% Senior Notes due 2048	350,000		342,629		409,945		350,000		342,543		343,928
5.250% Senior Notes due 2050	1,000,000		983,659		1,176,283		1,000,000		983,512		1,100,375
Finance lease liabilities	2,202		2,202		2,202		23,644		23,644		23,644
Total long-term debt	$	6,470,851	$	6,399,874	$	7,204,317	$	7,494,539	$	7,415,832	$	7,845,524

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

11. DEBT AND INTEREST EXPENSE

Debt activity. The following table presents the debt activity for the nine months ended September 30, 2021:


thousands	Carrying Value













Balance at December 31, 2020	$	7,854,702
RCF borrowings	400,000
Repayments of RCF borrowings	(180,000)
Repayment of 5.375% Senior Notes due 2021	(431,081)
Repayment of 4.000% Senior Notes due 2022	(78,671)
Repayment of Floating-Rate Senior Notes due 2023	(26,840)
Repayment of 3.100% Senior Notes due 2025	(267,894)
Repayment of 3.950% Senior Notes due 2025	(100,837)
Repayment of 4.650% Senior Notes due 2026	(25,758)
Finance lease liabilities	(25,364)
Other	8,046
Balance at September 30, 2021	$	7,126,303

The following table summarizes the amounts included in interest expense:



	Three Months Ended September 30,				Nine Months Ended September 30,
thousands	2021		2020		2021		2020
Third parties
Long-term and short-term debt	$	(90,913)	$	(94,201)	$	(279,122)	$	(273,620)
Finance lease liabilities	(218)		(369)		(808)		(1,162)
Commitment fees and amortization of debt-related costs	(3,147)		(3,463)		(9,664)		(10,052)
Capitalized interest	1,021		2,462		2,554		6,066
Total interest expense – third parties	(93,257)		(95,571)		(287,040)		(278,768)
Related parties

Finance lease liabilities	—		—		—		(43)
Total interest expense – related parties	—		—		—		(43)
Interest expense	$	(93,257)	$	(95,571)	$	(287,040)	$	(278,811)