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DEBT AND FINANCING COSTS (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Summary of Carrying Amounts and Estimated Fair Values
The following table presents the carrying amounts and estimated fair values of the Company’s outstanding debt as of June 30, 2018 and December 31, 2017:
 
 
 
June 30, 2018
 
December 31, 2017
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
 
(In millions)
Commercial paper and committed bank facilities
 
$
—

 
$
—

 
$
—

 
$
—

Notes and debentures
 
8,337

 
8,507

 
8,484

 
9,244

Total Debt
 
$
8,337

 
$
8,507

 
$
8,484

 
$
9,244
Schedule of Debt
The following table presents the carrying value of the Company’s debt as of June 30, 2018 and December 31, 2017:
 
 
June 30, 2018
 
December 31, 2017
 
 
(In millions)
Debt before unamortized discount and deferred loan costs
 
$
8,430

 
$
8,580

Unamortized discount
 
(46
)
 
(47
)
Deferred loan costs
 
(47
)
 
(49
)
Total debt
 
8,337

 
8,484

Current maturities
 
(400
)
 
(550
)
Long-term debt
 
$
7,937

 
$
7,934
Components of Financing Costs, Net
The following table presents the components of Apache’s financing costs, net:
 
 
For the Quarter Ended June 30,
 
For the Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(In millions)
Interest expense
 
$
110

 
$
115

 
$
222

 
$
231

Amortization of deferred loan costs
 
1

 
2

 
6

 
4

Capitalized interest
 
(13
)
 
(13
)
 
(25
)
 
(27
)
Loss on extinguishment of debt
 
—

 
—

 
—

 
1

Interest income
 
(4
)
 
(5
)
 
(10
)
 
(10
)
Financing costs, net
 
$
94

 
$
99

 
$
193

 
$
199