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Long-term Debt
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt

9.   Long-term Debt

A summary of Long-term Debt follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Jun. 30,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

3.65% Senior Notes due 2023

$

1,495

 

 

$

1,495

 

3.90% Senior Notes due 2028

 

1,447

 

 

 

1,444

 

1.375% Guaranteed Notes due 2026

 

1,119

 

 

 

-

 

2.00% Guaranteed Notes due 2032

 

1,119

 

 

 

-

 

0.25% Notes due 2027

 

1,008

 

 

 

550

 

0.50% Notes due 2031

 

1,008

 

 

 

544

 

2.40% Senior Notes due 2022

 

999

 

 

 

998

 

4.00% Senior Notes due 2025

 

929

 

 

 

929

 

2.65% Senior Notes due 2030

 

892

 

 

 

-

 

4.30% Senior Notes due 2029

 

845

 

 

 

845

 

3.75% Senior Notes due 2024

 

746

 

 

 

746

 

1.00% Guaranteed Notes due 2026

 

671

 

 

 

665

 

3.30% Senior Notes due 2021

 

664

 

 

 

1,597

 

2.65% Senior Notes due 2022

 

598

 

 

 

598

 

0.00% Notes due 2024

 

560

 

 

 

551

 

3.63% Senior Notes due 2022

 

295

 

 

 

294

 

7.00% Notes due 2038

 

207

 

 

 

208

 

5.95% Notes due 2041

 

114

 

 

 

114

 

5.13% Notes due 2043

 

99

 

 

 

99

 

4.00% Notes due 2023

 

81

 

 

 

81

 

3.70% Notes due 2024

 

55

 

 

 

55

 

4.20% Senior Notes due 2021

 

-

 

 

 

600

 

Commercial paper borrowings

 

1,812

 

 

 

2,222

 

Other

 

-

 

 

 

135

 

 

$

16,763

 

 

$

14,770

 

 

The estimated fair value of Schlumberger’s Long-term Debt, based on quoted market prices at June 30, 2020 and December 31, 2019, was $17.3 billion and $15.3 billion, respectively.

During the second quarter of 2020, Schlumberger entered into a €1.54 billion committed revolving credit facility.  This one-year facility can be extended at Schlumberger’s option for up to an additional year.  No amounts have been drawn under this facility.

At June 30, 2020, Schlumberger had separate committed credit facility agreements aggregating $7.98 billion with commercial banks, of which $6.17 billion was available and unused.  These committed facilities support commercial paper programs in the United States and Europe, of which $1.73 billion matures in April 2021, $2.75 billion matures in February 2023, $1.5 billion matures in July 2024 and $2.0 billion matures in February 2025.  Interest rates and other terms of borrowing under these lines of credit vary by facility.

Borrowings under the commercial paper programs at June 30, 2020 were $1.81 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet.  At December 31, 2019, borrowings under the commercial paper programs were $2.22 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet.

During the first quarter of 2020, Schlumberger issued €400 million of 0.25% Notes due 2027 and €400 million of 0.50% Notes due 2031.

During the second quarter of 2020, Schlumberger issued €1.0 billion of 1.375% Guaranteed Notes due 2026, $900 million of 2.65% Senior Notes due 2030 and €1.0 billion of 2.00% Guaranteed Notes due 2032.

 

During the second quarter of 2020, Schlumberger repurchased all $600 million of its 4.20% Senior Notes due 2021 and $935 million of its 3.30% Senior Notes due 2021.  Schlumberger paid a premium of approximately $40 million in connection with these repurchases.  This premium was classified in Impairments & other in the Consolidated Statement of Income (Loss).  See Note 2 – Charge and Credits.

             

During the second quarter of 2020, Schlumberger established a €5.0 billion Guaranteed Euro Medium Term Note program that provides for the issuance of various types of debt instruments such as fixed or floating rate notes in euro, US dollar or other currencies.  Schlumberger has not issued any debt under this program.