Debt and Interest Expense (Tables)

6 Months Ended

Jun. 30, 2019

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	June 30, 2019						December 31, 2018
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
WGP RCF	$	—	$	—	$	—	$	28,000	$	28,000	$	28,000
Finance lease liabilities (2)	8,381		8,381		8,381		—		—		—
Total short-term debt	$	8,381	$	8,381	$	8,381	$	28,000	$	28,000	$	28,000
Long-term debt
5.375% Senior Notes due 2021	$	500,000	$	497,556	$	520,144	$	500,000	$	496,959	$	515,990
4.000% Senior Notes due 2022	670,000		669,198		679,819		670,000		669,078		662,109
3.950% Senior Notes due 2025	500,000		493,329		496,725		500,000		492,837		466,135
4.650% Senior Notes due 2026	500,000		495,951		507,915		500,000		495,710		483,994
4.500% Senior Notes due 2028	400,000		394,869		400,317		400,000		394,631		377,475
4.750% Senior Notes due 2028	400,000		396,014		407,229		400,000		395,841		384,370
5.450% Senior Notes due 2044	600,000		593,408		565,879		600,000		593,349		522,386
5.300% Senior Notes due 2048	700,000		686,744		650,938		700,000		686,648		605,327
5.500% Senior Notes due 2048	350,000		342,379		335,567		350,000		342,328		311,536
RCF	920,000		920,000		920,000		220,000		220,000		220,000
Term loan facility	2,000,000		2,000,000		2,000,000		—		—		—
APCWH Note Payable	—		—		—		427,493		427,493		427,493
Total long-term debt	$	7,540,000	$	7,489,448	$	7,484,533	$	5,267,493	$	5,214,874	$	4,976,815

⁽¹⁾  Fair value is measured using the market approach and Level 2 inputs.

⁽²⁾  Amounts are considered affiliate. See Note 11.

Debt activity. The following table presents the debt activity for the six months ended June 30, 2019:

thousands	Carrying Value
Balance at December 31, 2018	$	5,242,874
RCF borrowings	700,000
Term loan facility borrowings	2,000,000
APCWH Note Payable borrowings	11,000
Finance lease liabilities	8,381
Repayment of WGP RCF borrowings	(28,000		)
Repayment of APCWH Note Payable	(439,595		)
Other	3,169
Balance at June 30, 2019	$	7,497,829

Interest-Rate Swap Table

The following interest-rate swaps were outstanding as of June 30, 2019:

Notional Principal Amount	Reference Period	Mandatory Termination Date	Weighted-Average Interest Rate
$375.0 million	December 2019 - 2024	December 2019	2.662%
$375.0 million	December 2019 - 2029	December 2019	2.802%
$375.0 million	December 2019 - 2049	December 2019	2.885%

Interest Expense Table

The following table summarizes the amounts included in interest expense:

	Three Months Ended   June 30,						Six Months Ended   June 30,
thousands	2019			2018			2019			2018
Third parties
Long-term and short-term debt	$	(82,624	)	$	(48,671	)	$	(149,720	)	$	(90,207	)
Amortization of debt issuance costs and commitment fees	(3,170		)	(2,037		)	(6,322		)	(4,901		)
Capitalized interest	6,342			9,872			12,547			16,834
Total interest expense – third parties	(79,452		)	(40,836		)	(143,495		)	(78,274		)
Affiliates
APCWH Note Payable	—			(1,409		)	(1,833		)	(1,986		)
Finance lease liabilities	(20		)	—			(20		)	—
Total interest expense – affiliates	(20		)	(1,409		)	(1,853		)	(1,986		)
Interest expense	$	(79,472	)	$	(42,245	)	$	(145,348	)	$	(80,260	)