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DEBT AND FINANCING COSTS (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the carrying value of the Company’s debt as of September 30, 2019 and December 31, 2018:
 
 
September 30, 2019
 
December 31, 2018
 
 
(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)
 
$
8,217

 
$
8,299

Altus credit facility(2)
 
235

 
—

Finance lease obligations
 
57

 
40

Unamortized discount
 
(43
)
 
(44
)
Debt issuance costs
 
(54
)
 
(51
)
Total debt
 
8,412

 
8,244

Current maturities
 
(19
)
 
(151
)
Long-term debt
 
$
8,393

 
$
8,093


(1)
The fair value of the Company’s notes and debentures was $8.2 billion and $7.8 billion as of September 30, 2019 and December 31, 2018, respectively. Apache uses a market approach to determine the fair value of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).
(2)
The carrying amount of borrowings by Altus Midstream LP on its credit facility approximate fair value because the interest rates are variable and reflective of market rates.
Components of Financing Costs, Net
The following table presents the components of Apache’s financing costs, net:
 
 
For the Quarter Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions)
Interest expense
 
$
107

 
$
113

 
$
323

 
$
335

Amortization of deferred loan costs
 
2

 
2

 
5

 
8

Capitalized interest
 
(9
)
 
(11
)
 
(26
)
 
(36
)
Loss on extinguishment of debt
 
—

 
94

 
75

 
94

Interest income
 
(5
)
 
(6
)
 
(12
)
 
(16
)
Financing costs, net
 
$
95

 
$
192

 
$
365

 
$
385