Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2019

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:

	December 31, 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)	7,873		7,873		7,873		—		—		—
Total short-term debt	$	7,873	$	7,873	$	7,873	$	28,000	$	28,000	$	28,000
Long-term debt
5.375% Senior Notes due 2021	$	500,000	$	498,168	$	515,042	$	500,000	$	496,959	$	515,990
4.000% Senior Notes due 2022	670,000		669,322		689,784		670,000		669,078		662,109
3.950% Senior Notes due 2025	500,000		493,830		504,968		500,000		492,837		466,135
4.650% Senior Notes due 2026	500,000		496,197		513,393		500,000		495,710		483,994
4.500% Senior Notes due 2028	400,000		395,113		390,920		400,000		394,631		377,475
4.750% Senior Notes due 2028	400,000		396,190		400,962		400,000		395,841		384,370
5.450% Senior Notes due 2044	600,000		593,470		533,710		600,000		593,349		522,386
5.300% Senior Notes due 2048	700,000		686,843		610,841		700,000		686,648		605,327
5.500% Senior Notes due 2048	350,000		342,432		310,198		350,000		342,328		311,536
RCF	380,000		380,000		380,000		220,000		220,000		220,000
Term loan facility	3,000,000		3,000,000		3,000,000		—		—		—
APCWH Note Payable	—		—		—		427,493		427,493		427,493
Total long-term debt	$	8,000,000	$	7,951,565	$	7,849,818	$	5,267,493	$	5,214,874	$	4,976,815

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

⁽²⁾  Amounts are considered affiliate. See Note 14.

13. DEBT AND INTEREST EXPENSE (CONTINUED)

Debt activity. The following table presents the debt activity for the years ended December 31, 2019 and 2018:

thousands	Carrying Value
Balance at December 31, 2017	$	3,591,678
RCF borrowings	540,000
APCWH Note Payable borrowings	321,780
Issuance of 4.500% Senior Notes due 2028	400,000
Issuance of 5.300% Senior Notes due 2048	700,000
Issuance of 4.750% Senior Notes due 2028	400,000
Issuance of 5.500% Senior Notes due 2048	350,000
Repayment of 2.600% Senior Notes due 2018	(350,000		)
Repayments of RCF borrowings	(690,000		)
Other	(20,584		)
Balance at December 31, 2018	$	5,242,874
RCF borrowings	1,160,000
Term loan facility borrowings	3,000,000
APCWH Note Payable borrowings	11,000
Finance lease liabilities	7,873
Repayments of RCF borrowings	(1,000,000		)
Repayment of WGP RCF borrowings	(28,000		)
Repayment of APCWH Note Payable	(439,595		)
Other	5,286
Balance at December 31, 2019	$	7,959,438

Interest Expense Table

The following table summarizes the amounts included in interest expense:

	Year Ended December 31,
thousands	2019			2018			2017
Third parties
Long-term and short-term debt	$	(315,872	)	$	(200,454	)	$	(143,400	)
Amortization of debt issuance costs and commitment fees	(12,424		)	(9,110		)	(7,970		)
Capitalized interest	26,980			32,479			9,074
Total interest expense – third parties	(301,316		)	(177,085		)	(142,296		)
Affiliates
APCWH Note Payable	(1,833		)	(6,746		)	(153		)
Finance lease liabilities	(137		)	—			—
Deferred purchase price obligation – Anadarko	—			—			(71		)
Total interest expense – affiliates	(1,970		)	(6,746		)	(224		)
Interest expense	$	(303,286	)	$	(183,831	)	$	(142,520	)