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Long-term Debt
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-term Debt

9.   Long-term Debt

A summary of Long-term Debt follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Sept. 30,

 

 

Dec. 31,

 

 

2019

 

 

2018

 

3.30% Senior Notes due 2021

$

1,597

 

 

$

1,596

 

3.65% Senior Notes due 2023

 

1,494

 

 

 

1,493

 

3.90% Senior Notes due 2028

 

1,442

 

 

 

-

 

4.20% Senior Notes due 2021

 

1,100

 

 

 

1,100

 

2.40% Senior Notes due 2022

 

998

 

 

 

997

 

4.00% Senior Notes due 2025

 

929

 

 

 

1,742

 

4.30% Senior Notes due 2029

 

845

 

 

 

-

 

3.75% Senior Notes due 2024

 

746

 

 

 

-

 

1.00% Guaranteed Notes due 2026

 

654

 

 

 

678

 

2.65% Senior Notes due 2022

 

598

 

 

 

598

 

0.00% Notes due 2024

 

544

 

 

 

-

 

0.25% Notes due 2027

 

543

 

 

 

-

 

0.50% Notes due 2031

 

536

 

 

 

-

 

2.20% Senior Notes due 2020

 

499

 

 

 

499

 

3.00% Senior Notes due 2020

 

415

 

 

 

1,596

 

3.63% Senior Notes due 2022

 

294

 

 

 

847

 

7.00% Notes due 2038

 

209

 

 

 

210

 

4.50% Notes due 2021

 

130

 

 

 

132

 

5.95% Notes due 2041

 

114

 

 

 

115

 

3.60% Notes due 2022

 

108

 

 

 

109

 

5.13% Notes due 2043

 

99

 

 

 

99

 

4.00% Notes due 2023

 

81

 

 

 

82

 

3.70% Notes due 2024

 

55

 

 

 

55

 

Commercial paper borrowings

 

2,128

 

 

 

2,433

 

Other

 

175

 

 

 

263

 

 

$

16,333

 

 

$

14,644

 

 

During the third quarter of 2019, Schlumberger issued €500 million of 0.00% Notes due 2024, €500 million of 0.25% Notes due 2027 and €500 million of 0.50% Notes due 2031.

 

In September 2019, Schlumberger repurchased $783 million of its 3.00% Senior Notes due 2020 and $321 million of its 3.625% Senior Notes due 2022. Schlumberger paid a premium of $29 million in connection with these repurchases. This premium was classified as Impairments & other in the Consolidated Statement of Income (Loss). (See Note 2 - Charges and Credits.)

In April 2019, Schlumberger completed a debt exchange offer, pursuant to which it issued $1.500 billion in principal of 3.90% Senior Notes due 2028 (the “New Notes”) in exchange for $401 million of 3.00% Senior Notes due 2020, $234 million of 3.63% Senior Notes due 2022 and $817 million of 4.00% Senior Notes due 2025.  In connection with the exchange of principal, Schlumberger paid a premium of $48 million, substantially all of which was in the form of New Notes.  This premium is being amortized as additional interest expense over the term of the New Notes.

The estimated fair value of Schlumberger’s Long-term Debt, based on quoted market prices at September 30, 2019 and December 31, 2018, was $16.9 billion and $14.6 billion, respectively.

At September 30, 2019, 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, of which $1.0 billion matures in February 2020, $2.0 billion matures in February 2023, $2.0 billion matures in February 2024 and $1.5 billion matures in July 2024.  Interest rates and other terms of borrowing under these lines of credit vary by facility.

Borrowings under Schlumberger’s commercial paper programs at September 30, 2019 were $2.4 billion, of which $0.3 billion was classified in Short-term borrowings and current portion of long-term debt and the remaining $2.1 billion was classified in Long-term Debt in the Consolidated Balance Sheet.  At December 31, 2018, borrowings under the commercial paper programs were $2.4 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet.