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, 2024December 31, 2023
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
Value
Fair
Value (1)
Short-term debt
Commercial paper$100,000 $99,933 $99,933 $613,885 $610,312 $610,312 
Finance lease liabilities8,461 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 liabilities30,394 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:
thousandsCarrying 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 liabilities2,751 
Other1,905 
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,
thousands20242023
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)