v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Instruments [Abstract]  
Debt Outstanding and Debt Activity Tables The following table presents the outstanding debt:
 June 30, 2025December 31, 2024
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
Value
Fair
Value (1)
Short-term debt
Senior Notes
$— $— $— $1,000,589 $1,000,076 $997,666 
Finance lease liabilities13,233 13,233 13,233 10,956 10,956 10,956 
Total short-term debt
$13,233 $13,233 $13,233 $1,011,545 $1,011,032 $1,008,622 
Long-term debt
Senior Notes (2)
$6,976,834 $6,906,384 $6,583,226 $6,976,834 $6,903,318 $6,548,127 
Finance lease liabilities17,724 17,724 17,724 23,329 23,329 23,329 
Total long-term debt
$6,994,558 $6,924,108 $6,600,950 $7,000,163 $6,926,647 $6,571,456 
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(1)Fair value is measured using the market approach and Level-2 fair value inputs.
(2)As of June 30, 2025, maturity dates range from 2026 to 2050.

Debt activity. The following table presents the debt activity for the six months ended June 30, 2025:
thousandsCarrying Value
Balance at December 31, 2024$7,937,679 
Repayment of 3.100% Senior Notes due 2025
(663,831)
Repayment of 3.950% Senior Notes due 2025
(336,758)
Finance lease liabilities(3,328)
Other3,579 
Balance at June 30, 2025$6,937,341