Debt and Interest Expense (tables)

12 Months Ended

Dec. 31, 2013

Debt Outstanding and Debt Activity Tables

The following table presents outstanding debt as of December 31, 2013 and 2012:



	December 31, 2013						December 31, 2012
thousands	Principal		Carrying Value		Fair Value ⁽¹⁾		Principal		Carrying Value		Fair Value ⁽¹⁾
4.000% Senior Notes due 2022	$	670,000	$	673,278	$	641,237	$	670,000	$	673,617	$	669,928
5.375% Senior Notes due 2021	500,000		495,173		533,615		500,000		494,661		499,946
2.600% Senior Notes due 2018	250,000		249,718		247,988		—		—		—
Total debt outstanding	$	1,420,000	$	1,418,169	$	1,422,840	$	1,170,000	$	1,168,278	$	1,169,874


⁽¹⁾	Fair value is measured using Level 2 inputs.

Debt activity. The following table presents the debt activity for the years ended December 31, 2013 and 2012:



thousands	Carrying Value
Balance as of December 31, 2011	$	669,178
WES revolving credit facility borrowings	374,000
Issuance of 4.000% Senior Notes due 2022	670,000
Repayment of WES revolving credit facility	(374,000		)
Repayment of WES note payable to Anadarko	(175,000		)
WES revolving credit facility borrowings - Swingline	20,000
WES repayment of revolving credit facility - Swingline	(20,000		)
Other	4,100
Balance as of December 31, 2012	$	1,168,278
WES revolving credit facility borrowings	710,000
Repayments of WES revolving credit facility	(710,000		)
Issuance of 2.600% Senior Notes due 2018	250,000
Other	(109		)
Balance as of December 31, 2013	$	1,418,169

Interest Expense Table

he following table summarizes the amounts included in interest expense:



	Year Ended December 31,
thousands	2013			2012			2011
Third parties
Interest expense on long-term debt	$	59,293		$	41,171		$	20,533
Amortization of debt issuance costs and commitment fees ⁽¹⁾	4,449			4,319			5,297
Capitalized interest	(11,945		)	(6,196		)	(420		)
Total interest expense – third parties	51,797			39,294			25,410
Affiliates
Interest expense on WES note payable to Anadarko ⁽²⁾	—			2,440			4,935
Interest expense on affiliate balances ⁽³⁾	—			326			—
Total interest expense – affiliates	—			2,766			4,935
Interest expense	$	51,797		$	42,060		$	30,345

⁽¹⁾

For the years ended December 31, 2013 and 2012, includes $1.0 million and $1.1 million, respectively, of amortization of (i) the original issue discount for the June 2012 offering of the 2022 Notes, partially offset by the original issue premium for the October 2012 offering of the 2022 Notes, (ii) original issue discount for the 2021 Notes and (iii) underwriters’ fees. In addition, for the year ended December 31, 2013, includes the amortization of the original issue discount and underwriters’ fees for the 2018 Notes of $0.2 million. For the year ended December 31, 2011, includes $0.5 million of amortization of the original issue discount and underwriters’ fees for the 2021 Notes.


⁽²⁾	In June 2012, the WES note payable to Anadarko was repaid in full. See WES note payable to Anadarko within this Note 11.


⁽³⁾	Imputed interest expense on the reimbursement payable to Anadarko for certain expenditures Anadarko incurred in 2011 related to the construction of the Brasada facility and Lancaster plant. In the fourth quarter of 2012, WES repaid the reimbursement payable to Anadarko associated with the construction of the Brasada facility and Lancaster plant.