v3.25.0.1

Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

						December 31, 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						663,727						662,457						—						—						—
3.950% Senior Notes due 2025						336,758						336,349						335,209						—						—						—
Finance lease liabilities						10,956						10,956						10,956						7,436						7,436						7,436
Total short-term debt						$	1,011,545					$	1,011,032					$	1,008,622					$	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						439,637						438,699						467,204						465,705						459,617
4.500% Senior Notes due 2028						342,935						341,123						336,207						357,094						354,665						346,121
4.750% Senior Notes due 2028						336,260						334,753						330,483						382,888						380,747						374,767
6.350% Senior Notes due 2029						600,000						594,270						621,936						600,000						593,069						626,994
4.050% Senior Notes due 2030						1,057,134						1,051,440						992,321						1,104,593						1,097,609						1,036,097
6.150% Senior Notes due 2033						750,000						741,857						764,760						750,000						741,125						780,203
5.450% Senior Notes due 2034						800,000						790,511						772,536						—						—						—
5.450% Senior Notes due 2044						600,000						594,192						534,096						600,000						594,031						545,154
5.300% Senior Notes due 2048						700,000						687,990						595,826						700,000						687,735						614,082
5.500% Senior Notes due 2048						350,000						343,051						304,003						350,000						342,913						312,365
5.250% Senior Notes due 2050						1,000,000						984,494						857,260						1,000,000						984,206						895,440
Finance lease liabilities						23,329						23,329						23,329						28,668						28,668						28,668
Total long-term debt						$	7,000,163					$	6,926,647					$	6,571,456					$	7,356,091					$	7,283,556					$	7,011,688

_________________________________________________________________________________________

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

13. DEBT AND INTEREST EXPENSE

Debt activity. The following table summarizes debt activity for the periods presented:

thousands						Carrying Value
Balance at December 31, 2022						$	6,785,362
RCF borrowings						1,120,000
Commercial paper borrowings (1)						610,312
Repayments of RCF borrowings						(1,495,000)
Issuance of 6.350% Senior Notes due 2029						600,000
Issuance of 6.150% Senior Notes due 2033						750,000
Repayment of Floating-Rate Senior Notes due 2023						(213,138)
Repayment of 3.100% Senior Notes due 2025						(64,225)
Repayment of 3.950% Senior Notes due 2025						(50,000)
Repayment of 4.650% Senior Notes due 2026						(7,038)
Repayment of 4.500% Senior Notes due 2028						(42,906)
Repayment of 4.750% Senior Notes due 2028						(17,112)
Repayment of 4.050% Senior Notes due 2030						(95,407)
Finance lease liabilities						29,285
Other						(8,829)
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						(1,819)
Other						(1,494)
Balance at December 31, 2024						$	7,937,679

________________________________________________________________________________________

(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:

																		Year Ended December 31,
thousands																		2024						2023						2022
Long-term and short-term debt																		$	(377,850)					$	(348,393)					$	(326,949)
Finance lease liabilities																		(2,573)						(1,083)						(414)
Commitment fees and amortization of debt-related costs																		(13,305)						(12,395)						(12,212)
Capitalized interest																		15,215						13,643						5,636
Interest expense																		$	(378,513)					$	(348,228)					$	(333,939)

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtInstrumentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

+ References

No definition available.

+ Details

Name:	us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration