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Long-term Debt and Debt Facility Agreements | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt and Debt Facility Agreements | 9. Long-term Debt and Debt Facility Agreements Long-term Debt consists of the following:
(Stated in millions) |
| 2020 |  |  | 2019 |
3.65% Senior Notes due 2023 | $ | 1,496 |  |  | $ | 1,495 |
3.90% Senior Notes due 2028 |  | 1,450 |  |  |  | 1,444 |
2.65% Senior Notes due 2030 |  | 1,250 |  |  |  | - |
1.375% Guaranteed Notes due 2026 |  | 1,221 |  |  |  | - |
2.00% Guaranteed Notes due 2032 |  | 1,214 |  |  |  | - |
0.25% Notes due 2027 |  | 1,100 |  |  |  | 550 |
0.50% Notes due 2031 |  | 1,099 |  |  |  | 544 |
2.40% Senior Notes due 2022 |  | 999 |  |  |  | 998 |
4.00% Senior Notes due 2025 |  | 930 |  |  |  | 929 |
4.30% Senior Notes due 2029 |  | 846 |  |  |  | 845 |
3.75% Senior Notes due 2024 |  | 746 |  |  |  | 746 |
1.00% Guaranteed Notes due 2026 |  | 736 |  |  |  | 665 |
0.00% Notes due 2024 |  | 611 |  |  |  | 551 |
2.65% Senior Notes due 2022 |  | 598 |  |  |  | 598 |
1.40% Senior Notes due 2025 |  | 498 |  |  |  | - |
3.63% Senior Notes due 2022 |  | 295 |  |  |  | 294 |
7.00% Notes due 2038 |  | 206 |  |  |  | 208 |
5.95% Notes due 2041 |  | 114 |  |  |  | 114 |
5.13% Notes due 2043 |  | 99 |  |  |  | 99 |
4.00% Notes due 2023 |  | 80 |  |  |  | 81 |
3.70% Notes due 2024 |  | 55 |  |  |  | 55 |
3.30% Senior Notes due 2021 |  | - |  |  |  | 1,597 |
4.20% Senior Notes due 2021 |  | - |  |  |  | 600 |
Commercial paper borrowings |  | 393 |  |  |  | 2,222 |
Other |  | - |  |  |  | 135 |
| $ | 16,036 |  |  | $ | 14,770 |
During the third quarter of 2020, Schlumberger issued $500 million of 1.40% Senior Notes due 2025 and $350 million of 2.65% Senior Notes due 2030. 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 3 – Charges 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. At December 31, 2020, Schlumberger had not issued any debt under this program. 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 fourth quarter of 2019, Schlumberger repurchased the remaining $416 million of its 3.00% Senior Notes due 2020; $126 million of its 4.50% Senior Notes due 2021; $500 million of its 4.20% Senior Notes due 2021; and $106 million of its 3.60% Senior Notes due 2022. Schlumberger paid a premium of $28 million in connection with these repurchases. This premium, net of related credits, was classified as Impairments & other in the Consolidated Statement of Income (Loss). (See Note 3 - Charges and Credits.) 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. During the third quarter of 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 3 - Charges and Credits.) During the second quarter of 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. During the first quarter of 2019 Schlumberger issued $750 million of 3.75% Senior Notes due 2024 and $850 million of 4.30% Senior Notes due 2029. At December 31, 2020, Schlumberger had committed credit facility agreements with commercial banks aggregating $6.25 billion, of which $5.86 billion was available and unused. These committed facilities support commercial paper programs in the United States and Europe, of which $2.75 billion matures in February 2023, $2.0 billion matures in February 2025 and $1.5 billion matures in July 2025. Schlumberger also has a €1.54 billion committed revolving credit facility that expires in the second quarter of 2021 but can be extended at Schlumberger’s option for up to an additional year. At December 31, 2020, no amounts had been drawn under this facility. Interest rates and other terms of borrowing under these lines of credit vary by facility. 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, 2020 were $0.4 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 $2.2 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet. The weighted average interest rate on variable rate debt as of December 31, 2020 was 1.0%. Long-term Debt as of December 31, 2020 is due as follows: $1.9 billion in 2022, $1.9 billion in 2023, $1.4 billion in 2024, $1.5 billion in 2025, $2.0 billion in 2026, $1.1 billion in 2027 and $6.3 billion thereafter. The fair value of Schlumberger’s Long-term Debt at December 31, 2020 and December 31, 2019 was $17.3 billion and $15.3 billion, respectively, and was estimated based on quoted market prices. Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment SA and Schlumberger Finance Canada Ltd., both wholly-owned subsidiaries of Schlumberger Limited.

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