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DEBT AND FINANCING COSTS (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the carrying value of the Company’s debt:
 
 
March 31, 2020
 
December 31, 2019
 
 
(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)
 
$
8,217

 
$
8,217

Altus credit facility(2)
 
468

 
396

Apache credit facility(2)
 
250

 
—

Finance lease obligations
 
39

 
48

Unamortized discount
 
(42
)
 
(42
)
Debt issuance costs
 
(52
)
 
(53
)
Total debt
 
8,880

 
8,566

Current maturities
 
(544
)
 
(11
)
Long-term debt
 
$
8,336

 
$
8,555


(1)
The fair values of the Company’s notes and debentures were $4.3 billion and $8.4 billion as of March 31, 2020 and December 31, 2019, respectively. Apache uses a market approach to determine the fair values 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 on credit facilities approximates fair value because the interest rates are variable and reflective of market rates.
Schedule of Financing Costs, Net
The following table presents the components of Apache’s financing costs, net:
 
 
For the Quarter Ended March 31,
 
 
2020
 
2019
 
 
(In millions)
Interest expense
 
$
107

 
$
107

Amortization of debt issuance costs
 
2

 
2

Capitalized interest
 
(4
)
 
(8
)
Interest income
 
(2
)
 
(4
)
Financing costs, net
 
$
103

 
$
97