XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.2
DEBT AND FINANCING COSTS (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the carrying value of the Company’s debt:
 
 
September 30, 2020
 
December 31, 2019
 
 
(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)
 
$
8,324

 
$
8,217

Altus credit facility(2)
 
580

 
396

Apache credit facility(2)
 
87

 
—

Finance lease obligations
 
37

 
48

Unamortized discount
 
(35
)
 
(42
)
Debt issuance costs
 
(59
)
 
(53
)
Total debt
 
8,934

 
8,566

Current maturities
 
(184
)
 
(11
)
Long-term debt
 
$
8,750

 
$
8,555


(1)
The fair values of the Company’s notes and debentures were $7.6 billion and $8.4 billion as of September 30, 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 September 30,
 
For the Nine Months Ended September 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions)
Interest expense
 
$
113

 
$
107

 
$
327

 
$
323

Amortization of debt issuance costs
 
2

 
2

 
6

 
5

Capitalized interest
 
(3
)
 
(9
)
 
(9
)
 
(26
)
Loss (gain) on extinguishment of debt
 
(12
)
 
—

 
(152
)
 
75

Interest income
 
(1
)
 
(5
)
 
(4
)
 
(12
)
Financing costs, net
 
$
99

 
$
95

 
$
168

 
$
365