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Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instruments [Abstract]  
Debt Outstanding and Debt Activity Tables The following table presents the outstanding debt:
June 30, 2026December 31, 2025
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
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 liabilities5,199 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 liabilities10,066 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:
thousandsCarrying Value
Balance at December 31, 2025$8,643,995 
RCF borrowings360,000 
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.