v3.22.1

Debt and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

						March 31, 2022																		December 31, 2021
thousands						Principal						Carrying Value						Fair Value (1)						Principal						Carrying Value						Fair Value (1)
Short-term debt
4.000% Senior Notes due 2022						$	502,246					$	502,192					$	502,250					$	502,246					$	502,138					$	505,153
Floating-Rate Senior Notes due 2023						213,138						212,760						212,425						—						—						—
Finance lease liabilities						3,201						3,201						3,201						3,794						3,794						3,794
Total short-term debt						$	718,585					$	718,153					$	717,876					$	506,040					$	505,932					$	508,947
Long-term debt
Floating-Rate Senior Notes due 2023						$	—					$	—					$	—					$	213,138					$	212,642					$	213,072
3.100% Senior Notes due 2025						732,106						728,404						728,061						732,106						728,096						764,815
3.950% Senior Notes due 2025						399,163						396,149						402,063						399,163						395,928						418,506
4.650% Senior Notes due 2026						474,242						471,761						485,982						474,242						471,629						516,473
4.500% Senior Notes due 2028						400,000						396,281						407,380						400,000						396,145						437,673
4.750% Senior Notes due 2028						400,000						397,037						413,219						400,000						396,938						444,550
4.050% Senior Notes due 2030						1,200,000						1,190,584						1,201,380						1,200,000						1,190,339						1,323,595
5.450% Senior Notes due 2044						600,000						593,769						609,529						600,000						593,733						717,804
5.300% Senior Notes due 2048						700,000						687,321						694,990						700,000						687,265						844,223
5.500% Senior Notes due 2048						350,000						342,689						347,087						350,000						342,659						418,907
5.250% Senior Notes due 2050						1,000,000						983,765						982,278						1,000,000						983,709						1,183,514
Finance lease liabilities						990						990						990						1,533						1,533						1,533
Total long-term debt						$	6,256,501					$	6,188,750					$	6,272,959					$	6,470,182					$	6,400,616					$	7,284,665

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

9. DEBT AND INTEREST EXPENSE

Debt activity. The following table presents the debt activity for the three months ended March 31, 2022:

thousands						Carrying Value
Balance at December 31, 2021						$	6,906,548
Finance lease liabilities						(1,135)
Other						1,490
Balance at March 31, 2022						$	6,906,903

Interest Expense Table

The following table summarizes the amounts included in interest expense:

												Three Months Ended  March 31,
thousands																		2022						2021
Long-term and short-term debt																		$	(83,428)					$	(95,722)
Finance lease liabilities																		(42)						(298)
Commitment fees and amortization of debt-related costs																		(3,032)						(3,338)
Capitalized interest																		1,047						865
Interest expense																		$	(85,455)					$	(98,493)

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