Debt and Interest Expense (tables)

12 Months Ended

Dec. 31, 2014

The following table presents WES and WGP’s outstanding debt as of December 31, 2014 and 2013:



	December 31, 2014						December 31, 2013
thousands	Principal		Carrying Value		Fair Value ⁽¹⁾		Principal		Carrying Value		Fair Value ⁽¹⁾
Current portion of long-term debt - Anadarko
WGP working capital facility	$	1,150	$	1,150	$	1,150	$	—	$	—	$	—

Long-term debt
WES 5.375% Senior Notes due 2021	$	500,000	$	495,714	$	549,530	$	500,000	$	495,173	$	533,615
WES 4.000% Senior Notes due 2022	670,000		672,930		681,942		670,000		673,278		641,237
WES revolving credit facility	510,000		510,000		510,000		—		—		—
WES 2.600% Senior Notes due 2018	350,000		350,474		352,162		250,000		249,718		247,988
WES 5.450% Senior Notes due 2044	400,000		393,836		417,619		—		—		—
Total long-term debt	$	2,430,000	$	2,422,954	$	2,511,253	$	1,420,000	$	1,418,169	$	1,422,840


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

Debt activity. The following table presents WES and WGP’s debt activity for the years ended December 31, 2014 and 2013:



thousands	Carrying Value
Balance at December 31, 2012	$	1,168,278
WES revolving credit facility borrowings	710,000
Repayments of WES revolving credit facility	(710,000		)
Issuance of WES 2.600% Senior Notes due 2018	250,000
Other	(109		)
Balance at December 31, 2013	$	1,418,169
WES revolving credit facility borrowings	1,160,000
Issuance of WES 5.450% Senior Notes due 2044	400,000
Issuance of WES 2.600% Senior Notes due 2018	100,000
Repayments of WES revolving credit facility	(650,000		)
WGP working capital facility borrowings	1,150
Other	(5,215		)
Balance at December 31, 2014	$	2,424,104

The following table summarizes the amounts included in interest expense:



	Year Ended December 31,
thousands	2014			2013			2012
Third parties
Interest expense on long-term debt	$	81,495		$	59,293		$	41,171
Amortization of debt issuance costs and commitment fees	5,103			4,449			4,319
Capitalized interest	(9,832		)	(11,945		)	(6,196		)
Total interest expense – third parties	76,766			51,797			39,294
Affiliates
Interest expense on WES note payable to Anadarko ⁽¹⁾	—			—			2,440
Interest expense on affiliate balances ⁽²⁾	—			—			326
Interest expense on WGP working capital facility	3			—			—
Total interest expense – affiliates	3			—			2,766
Interest expense	$	76,769		$	51,797		$	42,060


⁽¹⁾	In June 2012, the note payable to Anadarko was repaid in full. See Note payable to Anadarko within this Note 13.


⁽²⁾	Imputed interest expense on the reimbursement payable to Anadarko for certain expenditures Anadarko incurred in 2011 related to the construction of the Brasada complex and Lancaster plant. In the fourth quarter of 2012, WES repaid the reimbursement payable to Anadarko associated with the construction of the Brasada complex and Lancaster plant.