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Debt and Interest Expense (Tables)
6 Months Ended
Jun. 30, 2015
Debt Instruments [Abstract]  
Debt Outstanding and Debt Activity Tables
The following table presents WES and WGP’s outstanding debt as of June 30, 2015, and December 31, 2014:
 
 
June 30, 2015
 
December 31, 2014
thousands
 
Principal
 
Carrying
Value
 
Fair
Value (1)
 
Principal
 
Carrying
Value
 
Fair
Value (1)
WGP working capital facility - Anadarko
 
$

 
$

 
$

 
$
1,150

 
$
1,150

 
$
1,150

 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
2021 Notes
 
$
500,000

 
$
495,995

 
$
544,930

 
$
500,000

 
$
495,714

 
$
549,530

2022 Notes
 
670,000

 
672,752

 
673,994

 
670,000

 
672,930

 
681,942

2018 Notes
 
350,000

 
350,412

 
352,497

 
350,000

 
350,474

 
352,162

2044 Notes
 
400,000

 
393,879

 
400,692

 
400,000

 
393,836

 
417,619

2025 Notes
 
500,000

 
493,985

 
482,161

 

 

 

WES RCF
 
270,000

 
270,000

 
270,000

 
510,000

 
510,000

 
510,000

Total long-term debt
 
$
2,690,000

 
$
2,677,023

 
$
2,724,274

 
$
2,430,000

 
$
2,422,954

 
$
2,511,253

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

9.  DEBT AND INTEREST EXPENSE (CONTINUED)

Debt activity. The following table presents WES and WGP’s debt activity for the six months ended June 30, 2015:
thousands
 
Carrying Value
Balance at December 31, 2014
 
$
2,424,104

WES RCF borrowings
 
280,000

Issuance of 2025 Notes
 
500,000

Repayments of WES RCF
 
(520,000
)
Repayment of WGP working capital facility
 
(1,150
)
Other
 
(5,931
)
Balance at June 30, 2015
 
$
2,677,023

Interest Expense Table
The following table summarizes the amounts included in interest expense:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended June 30,
thousands
 
2015
 
2014
 
2015
 
2014
Third parties
 
 
 
 
 
 
 
 
Long-term debt
 
$
24,733

 
$
21,445

 
$
48,075

 
$
37,580

Amortization of debt issuance costs and commitment fees
 
1,374

 
1,426

 
2,666

 
2,692

Capitalized interest
 
(2,693
)
 
(2,007
)
 
(5,787
)
 
(5,447
)
Total interest expense – third parties
 
23,414

 
20,864

 
44,954

 
34,825

Affiliates
 
 
 
 
 
 
 
 
WGP WCF
 

 

 
2

 

Deferred purchase price obligation – Anadarko (1)
 
4,190

 

 
5,610

 

Total interest expense – affiliates
 
4,190

 

 
5,612

 

Interest expense
 
$
27,604

 
$
20,864

 
$
50,566

 
$
34,825

(1) 
See Note 2 for a discussion of the accretion and present value of the Deferred purchase price obligation - Anadarko.