v3.24.1.u1

Debt and Interest Expense (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Instruments [Abstract] |
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt:
|  | March 31, 2024 |  | December 31, 2023
thousands |  | Principal |  | Carrying Value |  | Fair Value (1) |  | Principal |  | Carrying Value |  | Fair Value (1)
Short-term debt |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 100,000 |  |  | $ | 99,933 |  |  | $ | 99,933 |  |  | $ | 613,885 |  |  | $ | 610,312 |  |  | $ | 610,312 |
Finance lease liabilities |  | 8,461 |  |  | 8,461 |  |  | 8,461 |  |  | 7,436 |  |  | 7,436 |  |  | 7,436 |
Total short-term debt |  | $ | 108,461 |  |  | $ | 108,394 |  |  | $ | 108,394 |  |  | $ | 621,321 |  |  | $ | 617,748 |  |  | $ | 617,748 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
3.100% Senior Notes due 2025 |  | $ | 663,831 |  |  | $ | 662,804 |  |  | $ | 649,658 |  |  | $ | 666,481 |  |  | $ | 665,145 |  |  | $ | 650,765 |
3.950% Senior Notes due 2025 |  | 348,645 |  |  | 347,631 |  |  | 341,763 |  |  | 349,163 |  |  | 347,938 |  |  | 341,415 |
4.650% Senior Notes due 2026 |  | 467,204 |  |  | 465,848 |  |  | 458,425 |  |  | 467,204 |  |  | 465,705 |  |  | 459,617 |
4.500% Senior Notes due 2028 |  | 350,175 |  |  | 347,923 |  |  | 338,199 |  |  | 357,094 |  |  | 354,665 |  |  | 346,121 |
4.750% Senior Notes due 2028 |  | 381,848 |  |  | 379,816 |  |  | 370,935 |  |  | 382,888 |  |  | 380,747 |  |  | 374,767 |
6.350% Senior Notes due 2029 |  | 600,000 |  |  | 593,364 |  |  | 622,248 |  |  | 600,000 |  |  | 593,069 |  |  | 626,994 |
4.050% Senior Notes due 2030 |  | 1,100,612 |  |  | 1,093,906 |  |  | 1,025,726 |  |  | 1,104,593 |  |  | 1,097,609 |  |  | 1,036,097 |
6.150% Senior Notes due 2033 |  | 750,000 |  |  | 741,302 |  |  | 769,373 |  |  | 750,000 |  |  | 741,125 |  |  | 780,203 |
5.450% Senior Notes due 2044 |  | 600,000 |  |  | 594,070 |  |  | 551,802 |  |  | 600,000 |  |  | 594,031 |  |  | 545,154 |
5.300% Senior Notes due 2048 |  | 700,000 |  |  | 687,798 |  |  | 611,492 |  |  | 700,000 |  |  | 687,735 |  |  | 614,082 |
5.500% Senior Notes due 2048 |  | 350,000 |  |  | 342,947 |  |  | 310,674 |  |  | 350,000 |  |  | 342,913 |  |  | 312,365 |
5.250% Senior Notes due 2050 |  | 1,000,000 |  |  | 984,276 |  |  | 895,150 |  |  | 1,000,000 |  |  | 984,206 |  |  | 895,440 |
Finance lease liabilities |  | 30,394 |  |  | 30,394 |  |  | 30,394 |  |  | 28,668 |  |  | 28,668 |  |  | 28,668 |
Total long-term debt |  | $ | 7,342,709 |  |  | $ | 7,272,079 |  |  | $ | 6,975,839 |  |  | $ | 7,356,091 |  |  | $ | 7,283,556 |  |  | $ | 7,011,688 |
_________________________________________________________________________________________ (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 three months ended March 31, 2024:
thousands |  | Carrying Value
Balance at December 31, 2023 |  | $ | 7,901,304 |
Commercial paper borrowings (repayments), net (1) |  | (510,379) |
Repayment of 3.100% Senior Notes due 2025 |  | (2,650) |
Repayment of 3.950% Senior Notes due 2025 |  | (518) |
Repayment of 4.500% Senior Notes due 2028 |  | (6,919) |
Repayment of 4.750% Senior Notes due 2028 |  | (1,040) |
Repayment of 4.050% Senior Notes due 2030 |  | (3,981) |
Finance lease liabilities |  | 2,751 |
Other |  | 1,905 |
Balance at March 31, 2024 |  | $ | 7,380,473 |
________________________________________________________________________________________ (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 March 31, |  |
thousands |  |  |  |  |  | 2024 |  | 2023 |  |
Long-term and short-term debt |  |  |  |  |  | $ | (95,956) |  |  | $ | (81,151) |  |  |
Finance lease liabilities |  |  |  |  |  | (677) |  |  | (163) |  |  |
Commitment fees and amortization of debt-related costs |  |  |  |  |  | (3,200) |  |  | (2,881) |  |  |
Capitalized interest |  |  |  |  |  | 5,327 |  |  | 2,525 |  |  |
Interest expense |  |  |  |  |  | $ | (94,506) |  |  | $ | (81,670) |  |  |

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