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Long-term Debt and Debt Facility Agreements
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Long-term Debt and Debt Facility Agreements

10. Long-term Debt and Debt Facility Agreements

Long-term Debt consists of the following:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

2018

 

 

2017

 

4.00% Senior Notes due 2025

$

1,742

 

 

$

1,741

 

3.30% Senior Notes due 2021

 

1,596

 

 

 

1,595

 

3.00% Senior Notes due 2020

 

1,596

 

 

 

1,593

 

3.65% Senior Notes due 2023

 

1,493

 

 

 

1,492

 

4.20% Senior Notes due 2021

 

1,100

 

 

 

1,100

 

2.40% Senior Notes due 2022

 

997

 

 

 

996

 

3.63% Senior Notes due 2022

 

847

 

 

 

846

 

1.00% Guaranteed Notes due 2026

 

678

 

 

 

-

 

2.65% Senior Notes due 2022

 

598

 

 

 

598

 

2.20% Senior Notes due 2020

 

499

 

 

 

498

 

7.00% Notes due 2038

 

210

 

 

 

212

 

4.50% Notes due 2021

 

132

 

 

 

135

 

5.95% Notes due 2041

 

115

 

 

 

115

 

3.60% Notes due 2022

 

109

 

 

 

110

 

5.13% Notes due 2043

 

99

 

 

 

99

 

4.00% Notes due 2023

 

82

 

 

 

82

 

3.70% Notes due 2024

 

55

 

 

 

56

 

0.63% Guaranteed Notes due 2019

 

-

 

 

 

712

 

1.50% Guaranteed Notes due 2019

 

-

 

 

 

603

 

Commercial paper borrowings

 

2,433

 

 

 

1,694

 

Other

 

263

 

 

 

598

 

 

$

14,644

 

 

$

14,875

 

 

Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment SA, a wholly-owned finance subsidiary of Schlumberger.

At December 31, 2018, Schlumberger had separate committed credit facility agreements aggregating $6.5 billion with commercial banks, of which $4.1 billion was available and unused.  These committed facilities support commercial paper programs in the United States and Europe, and $1.0 billion matures in February 2019,  $1.5 billion matures in November 2020, $2.0 billion matures in February 2022 and $2.0 billion matures in February 2023. Interest rates and other terms of borrowing under these lines of credit vary from country to country.

During the fourth quarter of 2018, Schlumberger issued €600 million of 1.00% Guaranteed Notes due 2026.

Commercial paper borrowings are classified as long-term debt to the extent they are backed up by available and unused committed credit facilities maturing in more than one year and to the extent it is Schlumberger’s intent to maintain these obligations for longer than one year. Borrowings under the commercial paper programs at December 31, 2018 were $2.4 billion, all of which  was classified within Long-term debt  in the Consolidated Balance Sheet.  At December 31, 2017, borrowings under the commercial paper programs were $3.0 billion, of which $1.7 billion was classified within Long-term debt and $1.3 billion was classified in Short-term borrowings and current portion of long-term debt in the Consolidated Balance Sheet.

The weighted average interest rate on variable rate debt as of December 31, 2018 was 3.5%.

Long-term Debt as of December 31, 2018 is due as follows:  $2.1 billion in 2020, $3.1 billion in 2021, $4.4 billion in 2022, $2.1 billion in 2023, $1.8 billion in 2025, $0.7 billion in 2026 and $0.4 billion thereafter.

The fair value of Schlumberger’s Long-term Debt at December 31, 2018 and December 31, 2017 was $14.6 billion and $15.2 billion, respectively, and was estimated based on quoted market prices.