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DEBT AND FINANCING COSTS (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the carrying value of the Company’s debt as of June 30, 2019 and December 31, 2018:
 
 
June 30, 2019
 
December 31, 2018
 
 
(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)
 
$
8,367

 
$
8,299

Finance lease obligations
 
63

 
40

Unamortized discount
 
(43
)
 
(44
)
Debt issuance costs
 
(55
)
 
(51
)
Total debt
 
8,332

 
8,244

Current maturities
 
(175
)
 
(151
)
Long-term debt
 
$
8,157

 
$
8,093


(1)
The fair value of the Company’s notes and debentures was $8.6 billion and $7.8 billion as of June 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).
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,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions)
Interest expense
 
$
109

 
$
110

 
$
216

 
$
222

Amortization of deferred loan costs
 
1

 
1

 
3

 
6

Capitalized interest
 
(9
)
 
(13
)
 
(17
)
 
(25
)
Loss on extinguishment of debt
 
75

 
—

 
75

 
—

Interest income
 
(3
)
 
(4
)
 
(7
)
 
(10
)
Financing costs, net
 
$
173

 
$
94

 
$
270

 
$
193