Debt and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2020

The following table presents the outstanding debt:



	March 31, 2020						December 31, 2019
thousands	Principal		Carrying Value		Fair Value ⁽¹⁾		Principal		Carrying Value		Fair Value ⁽¹⁾
Short-term debt
Finance lease liabilities ⁽²⁾	$	11,184	$	11,184	$	11,184	$	7,873	$	7,873	$	7,873
Total short-term debt	$	11,184	$	11,184	$	11,184	$	7,873	$	7,873	$	7,873

Long-term debt
5.375% Senior Notes due 2021	$	438,631	$	437,300	$	352,437	$	500,000	$	498,168	$	515,042
4.000% Senior Notes due 2022	631,369		630,790		408,183		670,000		669,322		689,784
Floating-Rate Senior Notes due 2023	300,000		298,118		158,400		—		—		—
3.100% Senior Notes due 2025	1,000,000		991,713		509,618		—		—		—
3.950% Senior Notes due 2025	500,000		494,086		254,103		500,000		493,830		504,968
4.650% Senior Notes due 2026	500,000		496,323		258,950		500,000		496,197		513,393
4.500% Senior Notes due 2028	400,000		395,236		191,693		400,000		395,113		390,920
4.750% Senior Notes due 2028	400,000		396,280		189,498		400,000		396,190		400,962
4.050% Senior Notes due 2030	1,200,000		1,188,718		500,911		—		—		—
5.450% Senior Notes due 2044	600,000		593,501		224,905		600,000		593,470		533,710
5.300% Senior Notes due 2048	700,000		686,893		277,851		700,000		686,843		610,841
5.500% Senior Notes due 2048	350,000		342,459		132,332		350,000		342,432		310,198
5.250% Senior Notes due 2050	1,000,000		983,354		413,544		—		—		—
RCF	125,000		125,000		125,000		380,000		380,000		380,000
Term loan facility	—		—		—		3,000,000		3,000,000		3,000,000
Finance lease liabilities	28,990		28,990		28,990		—		—		—
Total long-term debt	$	8,173,990	$	8,088,761	$	4,026,415	$	8,000,000	$	7,951,565	$	7,849,818


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


⁽²⁾	Includes related-party amounts of $2.6 million and $7.9 million as of March 31, 2020, and December 31, 2019, respectively.

11. DEBT AND INTEREST EXPENSE (CONTINUED)

Debt activity. The following table presents the debt activity for the three months ended March 31, 2020:



thousands	Carrying Value
Balance at December 31, 2019	$	7,959,438
RCF borrowings	125,000
Issuance of Floating-Rate Senior Notes due 2023	300,000
Issuance of 3.100% Senior Notes due 2025	1,000,000
Issuance of 4.050% Senior Notes due 2030	1,200,000
Issuance of 5.250% Senior Notes due 2050	1,000,000
Finance lease liabilities	32,300
Repayments of RCF borrowings	(380,000		)
Repayment of Term loan facility borrowings	(3,000,000		)
Repayment of 5.375% Senior Notes due 2021	(61,369		)
Repayment of 4.000% Senior Notes due 2022	(38,631		)
Other	(36,793		)
Balance at March 31, 2020	$	8,099,945

The following table summarizes the amounts included in interest expense:



	Three Months Ended March 31,
thousands	2020			2019
Third parties
Long-term and short-term debt	$	(89,769	)	$	(67,096	)
Finance lease liabilities	(405		)	—
Amortization of debt issuance costs and commitment fees	(3,127		)	(3,152		)
Capitalized interest	4,758			6,205
Total interest expense – third parties	(88,543		)	(64,043		)
Related parties
APCWH Note Payable	—			(1,833		)
Finance lease liabilities	(43		)	—
Total interest expense – related parties	(43		)	(1,833		)
Interest expense	$	(88,586	)	$	(65,876	)