Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2024

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	September 30, 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		663,418		658,879		—		—		—
3.950% Senior Notes due 2025	336,758		336,145		334,236		—		—		—
Finance lease liabilities	8,455		8,455		8,455		7,436		7,436		7,436
Total short-term debt	$	1,009,044	$	1,008,018	$	1,001,570	$	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		439,499		440,646		467,204		465,705		459,617
4.500% Senior Notes due 2028	342,935		340,991		339,955		357,094		354,665		346,121
4.750% Senior Notes due 2028	336,260		334,658		336,179		382,888		380,747		374,767
6.350% Senior Notes due 2029	600,000		593,964		637,500		600,000		593,069		626,994
4.050% Senior Notes due 2030	1,057,134		1,051,190		1,018,157		1,104,593		1,097,609		1,036,097
6.150% Senior Notes due 2033	750,000		741,668		793,103		750,000		741,125		780,203
5.450% Senior Notes due 2034	800,000		790,331		802,608		—		—		—
5.450% Senior Notes due 2044	600,000		594,151		568,686		600,000		594,031		545,154
5.300% Senior Notes due 2048	700,000		687,925		636,440		700,000		687,735		614,082
5.500% Senior Notes due 2048	350,000		343,016		325,073		350,000		342,913		312,365
5.250% Senior Notes due 2050	1,000,000		984,421		908,480		1,000,000		984,206		895,440
Finance lease liabilities	27,398		27,398		27,398		28,668		28,668		28,668
Total long-term debt	$	7,004,232	$	6,929,212	$	6,834,225	$	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 nine months ended September 30, 2024:

thousands	Carrying Value
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	(251)
Other	(3,511)
Balance at September 30, 2024	$	7,937,230

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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  September 30,				Nine Months Ended  September 30,
thousands	2024		2023		2024		2023
Long-term and short-term debt	$	(93,555)	$	(83,177)	$	(278,361)	$	(249,416)
Finance lease liabilities	(632)		(223)		(1,964)		(616)
Commitment fees and amortization of debt-related costs	(3,244)		(2,904)		(9,929)		(9,199)
Capitalized interest	3,282		3,550		11,077		8,625
Interest expense	$	(94,149)	$	(82,754)	$	(279,177)	$	(250,606)