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v3.26.1

Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Instruments [Abstract] |
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt:
|  | June 30, 2026 |  | December 31, 2025 |
thousands |  | Principal |  | Carrying Value |  | Fair Value (1) |  | Principal |  | Carrying Value |  | Fair Value (1) |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 163,300 |  |  | $ | 162,905 |  |  | $ | 162,905 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Senior Notes |  | — |  |  | — |  |  | — |  |  | 440,505 |  |  | 440,205 |  |  | 440,923 |  |
Finance lease liabilities |  | 5,199 |  |  | 5,199 |  |  | 5,199 |  |  | 8,620 |  |  | 8,620 |  |  | 8,620 |  |
Total short-term debt |  | $ | 168,499 |  |  | $ | 168,104 |  |  | $ | 168,104 |  |  | $ | 449,125 |  |  | $ | 448,825 |  |  | $ | 449,543 |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes (2) |  | $ | 8,936,329 |  |  | $ | 8,874,911 |  |  | $ | 8,653,606 |  |  | $ | 8,236,329 |  |  | $ | 8,182,745 |  |  | $ | 8,010,240 |  |
Finance lease liabilities |  | 10,066 |  |  | 10,066 |  |  | 10,066 |  |  | 12,425 |  |  | 12,425 |  |  | 12,425 |  |
Total long-term debt |  | $ | 8,946,395 |  |  | $ | 8,884,977 |  |  | $ | 8,663,672 |  |  | $ | 8,248,754 |  |  | $ | 8,195,170 |  |  | $ | 8,022,665 |  |
_________________________________________________________________________________________ (1)Fair value is measured using the market approach and Level 2 fair-value inputs. (2)As of June 30, 2026, maturity dates range from 2028 to 2050. Debt activity. The following table summarizes the debt activity for the period presented:
thousands |  | Carrying Value
Balance at December 31, 2025 |  | $ | 8,643,995 |
RCF borrowings |  | 360,000 |
Commercial paper borrowings (repayments), net (1) |  | 162,905 |
Repayments of RCF borrowings |  | (360,000) |
Repayment of 4.650% Senior Notes due 2026 |  | (440,505) |
Issuance of 5.700% Senior Notes due 2036 |  | 700,000 |
Finance lease liabilities |  | (5,780) |
Other |  | (7,534) |
Balance at June 30, 2026 |  | $ | 9,053,081 |
_________________________________________________________________________________________ (1)Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less.

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- 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
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